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Legendary value investor Bill Miller on Amazon, Twitter and the stock market

Famed value investor Bill Miller shared his views on the market and his favorite stocks for the months ahead during an interview with CNBC's Scott Wapner on "Halftime Report" on Monday.

One of those stocks is Miller's largest holding, Amazon, which is up more than 20 percent this year.

"I think people have misunderstood Amazon's valuations almost from the beginning," said Miller, pointing out the meteoric rise in the company's market cap to more than $380 billion from around $400 million in the late 1990s.

In this wide-ranging conversation, the chief investment officer of LMM, which manages about $2 billion in assets and currently holds no cash, also touches on:

  • Why stocks remain the best place to be.
  • Valuations on Amazon, Twitter and Tesla.
  • His take on AT&T's $85 billion offer for Time Warner.
  • His favorite airline stocks.
  • Why he remains bullish on Valeant.

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.