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Legendary investor Bill Miller loves stocks right now: We are holding no cash

Veteran value investor Bill Miller on the markets

Legendary investor Bill Miller, who once beat the S&P 500 15 years in a row, said stocks look more attractive than bonds in the current market environment.

In an interview with CNBC's Scott Wapner on "Halftime Report" on Monday, Miller explained that stocks will remain more attractive as long as they yield more than bonds.

"Bonds are unattractive in my view. I believe we hit a double bottom in bonds in the summertime and we're in a benign bear market in bonds. The 35-year bull market in bonds is over, in my view," Miller said.

The chief investment officer of LMM said his firm, which had about $2.13 billion in assets under management as of March 31, currently holds no cash. Since the financial crisis, risk consciousness has heightened, which Miller said means "opportunity is on the other side."

"I think the caution, in terms of the real world, is warranted, but it's already expressed in the overall market and again, the stock market is ridiculously cheap compared to bonds," Miller said.

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