“Legendary investor Bill Miller is killing it again, thanks to a clever bet on Apple,” Jeff Cox reports for CNBC.

“The legendary portfolio manager’s Miller Opportunity Trust mutual fund is up a gaudy 13.9 percent this year, easily beating the S&P 500’s return of 7.8 percent including dividends, according to Morningstar,” Cox reports. “That puts the $1.4 billion security in the rating firm’s top 1 percentile in its category.”

“The big play: Options on Apple that gave the fund the chance to buy and turn a profit if the stock passed $100 a share and were purchased when the shares were just short of that target, or ‘strike’ as it is known,” Cox reports. “Of course, the stock was trading around $153 a share Wednesday afternoon and is up 32 percent in 2017 alone, making the options play a strong move.”

Much more in the full article here.

MacDailyNews Take: Some bets do pay off.

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