(Bloomberg) -- When pitching investors, you normally don't want "hedge fund" and "earthquake" in the same sentence. But Bill Miller, already known for quirky investing methods, is starting a hedge fund that will make bets based in part on a computer model designed to predict natural disasters.

Called Seismic Value Partners 1, the hedge fund marks Miller's first foray in that business after decades managing mutual funds at Legg Mason. He won approval last month from the U.S. Securities and Exchange Commission to open Miller Value Partners, a money management firm that will oversee his hedge funds.

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