Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest'

Our guest on this week's installment of The Long View is noted portfolio manager Bill Nygren. Nygren joined Chicago-based Harris Associates as an analyst in 1983 and later served as the firm's director of research. He has managed Oakmark Select OAKLX since 1996 and Oakmark Fund OAKMX since 2000 and has comanaged Oakmark Global Select OAKWX since 2006. In addition to these duties, Nygren serves as Harris' chief investment officer for U.S. equities. For his investing achievements, Morningstar recognized Nygren as its Domestic-Stock Manager of the Year in 2001, and his funds remain highly rated by Morningstar's manager research analysts. A frequent and insightful commentator on investing and markets, Nygren's shareholder letters are a must-read on the Street and beyond. In this far-ranging conversation, he discusses how his team's competitive edge has evolved, how traditional value metrics won't cut it in today's evolving economy, and the lasting lessons of the financial crisis.

Background Information

Bill Nygren bio
Bill Nygren's Commentary and Shareholder Letters
Oakmark's Philosophy and Process
Morningstar Analyst Report for Oakmark Fund
Morningstar Analyst Report for Oakmark Select
Morningstar Analyst Report for Oakmark Global Select
"Morningstar Fund Managers of the Year 2001," by Russ Kinnel (Jan. 4, 2002, Morningstar.com)

Related Links

How Stock-Picking Has Changed and What Defines Value

"Value Investors Are Vexed," by Ben Johnson (April 10, 2019, Morningstar.com)
"Value Stocks Haven't Traded This Low Since the Dot-Com Bubble," by Justina Lee (July 23, 2019, Bloomberg)
Generally Accepted Accounting Principles (GAAP)
Shiller P/E Ratio

Portfolio/Risk Management

"Do Concentrated Funds Outperform?" Alex Bryan and Christine Benz (May 8, 2019, Morningstar.com)
"The World Cup and Investing," by Win Murray (July 16, 2018, Oakmark.com)

Portfolio and Holdings