Investor Bill Miller is celebrated for having outperformed the S&P 500 Index ($SPX) for 15 consecutive years, and he has recently shared his insights on the current market landscape, including some solid opportunities. He is known as a value investor, and his strategy mostly revolves around companies that are trading below their intrinsic worth.

Miller is still confident about the market and thinks that the most challenging phase is behind us. This is partly due to the historical patterns of market corrections, where big declines are often followed by recoveries that are equally as big. He argues that by the time a market drops around 20%, most fears and negative scenarios have already been factored into prices.

With that in mind, here are three stocks he has his eyes on:

Stock #1: Clear Secure (YOU)

Clear Secure (YOU) is an identity company that is primarily known for its CLEAR Plus consumer aviation subscription service. This service gives members expedited access through security lanes at airports. YOU stock is seeing a surge in interest right now, especially as REAL ID has been made mandatory.

Bill Miller sees Clear Secure as one of the smaller-name stocks that are trading at compelling valuations right now. He specifically referred to it as an ID tech group or an “identity verification tech” company. 

Miller holds a 5.6% stake in Clear Secure, which amounts to 5,175,310 shares, as of his latest filings.

Stock #2: Nebius Group (NBIS)

Nebius Group (NBIS) is a company focused on building full-stack infrastructure for global artificial intelligence. The stock is mostly a bet on the AI narrative and the expectation that AI will require massive amounts of infrastructure to function and keep growing in the coming years.

This company was formerly known as Yandex NV, a Dutch offshoot of the Russian tech giant Yandex. It has since split ties from Russia and it rebranded as Nebius Group in August 2024, with its shares resuming trading on Nasdaq in October 2024. The business is mostly based on its AI cloud platform. It also provides large-scale GPU clusters and services and has an AI studio for fine-tuning AI models.

Bill Miller has pointed out this stock while mentioning lesser-known stocks trading at compelling and undervalued prices. Jeff Bezos and Nvidia (NVDA) are investors here.

Stock #3: Grail (GRAL)

Grail (GRAL) is a healthcare and biotech company that Bill Miller referred to as a biotech focused on early cancer detection that’s expected to be a “gigantic” market.

This company specializes in using machine learning to analyze cell-free DNA from a simple blood draw. This allows the detection of unique “fingerprints” or abnormal DNA patterns that signal early stage cancers. The company’s flagship product is a first-of-its-kind multi-cancer early detection (MCED) blood test.

The Galleri test is designed to screen for up to 50 different types of cancer before symptoms appear. A lot of these cancers currently lack recommended screening methods.

Bill Miller thinks GRAL is one of the stocks changing hands at a compelling valuation, as the company could tap into a massive cancer testing market. That said, the company posted $97 million in losses vs. $38.25 million in revenue in Q4.