Bill Miller is staging one of Wall Street’s most closely watched comebacks

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Someone who invested $1,000 in the Value fund with Miller in 1993 earned more than $6,000 over the next decade, twice what they would have seen by investing in the S&P index.

There are two types of hedge funds, he says: those for people who want to stay rich and others who want to get rich. He wants to run the latter.

Miller is targeting one of the industry’s chief weakness — its high fees. Most hedge fund managers charge a 2 percent management fee and 20 percent of the profit earned, known as “2 and 20.” Miller allows clients to choose from several payment models, including paying him nothing if he doesn’t beat the S&P index.

Miller appears unfazed by the high-powered naysayers, comparing his investment in bitcoin to his once widely criticized investment in Amazon.

“People thought up until recently, less than three or four years ago, that Amazon was kind of a fake thing, too,” he said. “Now that’s flipped over, and people now think Amazon is going to kill every company in the country.