Stock picker Bill Mason still thinks the U.S. market is attractive, calling stocks fairly valued and cheap compared to bonds.
Amazon had a bad year last year, but after the third-quarter report, LMM went heavily into the stock and made it their largest position, said Miller, the firm's chairman and chief investment officer.
That's because the company's chief financial officer referenced a focus on productivity and made the point again after the most recent quarter, he explained.
"You saw margins expand in the U.S. I think that's a sign that Amazon could be entering what [CEO] Jeff Bezos calls the 'check-in period' with Wall Street, which would be a year of margin expansion, and I think that would be good for the stock," he said in an interview with "Closing Bell."