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

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 7 August 2019

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Oakmark manager discusses the lasting lessons of the financial crisis and how traditional value metrics aren't necessarily the best gauge of an inexpensive stock.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York.
0:23.3	Purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.9	Hi, and welcome to the Longview.
0:35.1	I'm Christine Ben's Director of Personal Finance at Morningstar.
0:38.2	And I'm Jeff Battack, Global Director of Manager Research for Morning Star Research Services.
0:42.4	Our guest this week is Bill Nygren. Bill is a partner and portfolio manager at Harris Associates,
0:48.3	the Chicago-based firm he joined as an analyst in 1983, later serving as the firm's director
0:53.7	of research. Bill manages several
0:56.0	funds under the Oakmark banner, including Oakmark Select, Oakmark and Oakmark Global Select,
1:01.7	which he's run since 1996, 2000, and 2006, respectively. In addition to these duties, Bill serves
1:10.4	as Harris's chief investment officer for U.S.
1:12.9	equities. For his investing achievements, Morningstar recognized Bill as its domestic stock manager
1:18.6	of the year in 2001, and his funds remain highly rated by Morning Stars manager research analysts.
1:25.0	A frequent and insightful commentator on investing in markets, Bill's shareholder
1:29.2	letters are a must read on the street and beyond. We're thrilled that he can join us here today.
1:34.3	Bill, welcome to the Longview. Thank you, Christine. Nice to be here. It's great to have you here.
1:39.1	Let's start by talking about how the business has changed over your career. I think you got started
	...

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