Legendary investor Bill Miller is one of the few fund managers to have consistently beaten the broader market over an extended period. Miller’s Value Trust outperformed the S&P 500 for an unprecedented 15 consecutive years between 1991 and 2005, a feat that remains unmatched. His success stemmed from a disciplined value-investing approach, long-term thinking and the willingness to go against market consensus.

Look beyond cheap valuations

According to Miller, investors should not buy stocks simply because they appear statistically inexpensive. Instead, they should focus on companies whose intrinsic value is significantly higher than their current market price. Businesses that are temporarily out of favour but continue to generate healthy…