From The Globe and Mail's November 21 interview with Bill Miller:
Let's talk about one of your mistakes-Eastman Kodak. [Miller's fund owns nearly 20% of the struggling company.]
Yeah, we were clearly wrong to buy it when we bought it, which was '99 or 2000, right around that time-and not because we didn't know that film was going away. Before Dan Carp became CEO, and we didn't own any Kodak, people arranged for him to come down and talk to me, not to convince me to buy it but to pick my brain on how the market thought about Kodak, what it thought about the curves of decline in film, that kind of stuff. They clearly understood that they had to change the business model. What I think we underestimated was how difficult that would be culturally. We should have recognized that sooner than we did."
That was then, this is now. Kodak, right now, has made the transition. It's actually doing well, the numbers are coming in better than people thought. Kodak actually told us a couple of weeks ago that they now have the highest number of requests from investors to come visit them, ever. [We] think it's a $45 stock. [At press time it was just below $28.]