Mutual fund legend Bill Miller likes the stock market and doesn't like long-term government bonds.
When it comes to stocks, he said there's still a strong level of investor trepidation toward risk.
"They're terrified of losing money. You see that all across the spectrum," he said. "Also, I think people tend to think of stocks as a monolith."
On Valeant, Miller acknowledged the controversy in which the company has found itself in over steep price increases it has put on certain drugs. But he said it's "a completely different company now" with the new management team.
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