The odds of a mutual fund manager beating the S&P 500 for 15 consecutive years are roughly 1 in 2.3 million.

Bill Miller did it. But he didn't pull it off by clinging to the rigid, backward-looking rules of traditional value investing.

While Wall Street panicked over a profitless online bookstore in 1999, Miller snatched up a massive stake in Amazon. He recognized that the market's obsession with immediate GAAP profitability was a trap. Instead of predicting the future, he used a philosophical framework to calculate the odds—and rode it to a 24x return.

In the latest edition of The Money Mind, I deconstruct Miller's "Probabilistic Valuation" operating system. So, let’s check out the specific mechanic that gave him his edge, the "Silver Bullet" of simplification, and the devastating blind spot that eventually cost his fund $12 billion in 2008.

To survive the market, you don't need to predict the future. You just need better math.

Read the full breakdown and learn how to steal Miller's framework here: