Value Investing Principles & Approach | Bill Nygren | Talks at Google
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- čas přidán 28. 05. 2024
- William C. Nygren, CFA: Partner, Portfolio Manager and Chief Investment Officer - U.S. Equities
Bill Nygren has been a manager of the Oakmark Select Fund (OAKLX) since 1996, Oakmark Fund (OAKMX) since 2000 and the Oakmark Global Select Fund (OAKWX) since 2006. He is also the Chief Investment Officer for U.S. Equities at Harris Associates, which he joined in 1983; he served as the firm’s Director of Research from 1990 to 1998. Mr. Nygren has received many accolades during his investment career, including being named Morningstar's Domestic Stock Manager of the Year for 2001.
He holds an M.S. in Finance from the University of Wisconsin's Applied Security Analysis Program (1981) and a B.S. in Accounting from the University of Minnesota (1980).
Moderated by Saurabh Madaan.
A very apt quote from Seth Klarman that relates to what Bill said. "The most painful thing is to watch others make money, while you are not."
So much respect for Nygren- Great investor and very humble person- I need to go back to reading his news and insights- I have been just too busy seeing not so useful things- Time to go listen and do what the great investors do!
3 years on, I hope you have my friend. And if so, please share some insights. If not, it's never too late to start or continue.
Awesome talk. Thanks "Talks at google" once again. Real quality!
Value investing! Hooray!
A great conversation. The concept of Value investing is evolving. Learned a lot from this video. Thanks for sharing. Please make more!
At 44:00 he cites John Templeton, Benjamin graham and Warren Buffett as being big influences on him. At 45:00 he also names hedge fund managers; Paul Jones, Michael Steinhardt and George soros.
Thanks for sharing about Value Investing!
Bill is the genuine article. I might invest tin Oakmark now. I forgot about them.
Really insightful
great interview...very interesting
Good talk, today in covid19, banks suffer.. Tech goes up... I find when Tech goes up, Bank goes down.. And vice-versa... like if Banks are now "safe stock" but in a 0interest world.. Banks wil suffer..Growth stock will boom until their debt are too much to handle. Value investing was thriving (booming) when you had 22% interest rate on your mortage/loan... this world is gone for a few years. PE is useless now, but there is still key indicators... for me it's brand/monopoly of market/cash increase/revenu increase
I really can see your point when you say that Netflix if it was selling their product at a higher price they could get a nice P/E of 13, but once they wanted to gain market they were selling at a lower price and so P/E was higher. The thing is, off course in my opinion the price in markets if they were efficient, should move accordingly to earnings, meaning the price of Netflix a priori should be lower anyway, if that strategy of lower prices worked in the future and then it was reflected on earnings, than ok, prices would raise anyway but on a more rational basis...
You don't need meditation if you talk and think like that. You need to be in that kind of mindset if you want to be a value investor.
Whats more striking is that he has his replies and comments like at the back of his head. He replied so spontaneously. Truly in the business and passionate in what he does.
Saurabh madam well done
I'm a big fan of Investors at google series. so thank you but i can't believe that you haven't invited Stephen Penman yet.
Excellent talk. Particularly loved the part about exposing yourself to investors with different styles. Summarized key takeaways here: thecalminvestor.com/bill-nygren-value-investing/
"They used to joke about two high school kids in a garage coming up with an invention that would eliminate one of the industry leaders." Sarcasm the history of Bill Gates and Steve jobs laughing at the CEO's who passed on Apple and Microsoft.
Very informative - and enjoyable - discussion. Thanks!
Lou Eckert
Hau Beula
twas a great pump congrats
Anybody have some value stock ideas? I bought Netflix in 2013 at the same time I decided to sign up for a Netflix subscription at what was then only $7.99 or $8.99 per month. I had the same thoughts as the interviewee, thinking that Netflix was a risky stock given the very small moat at the time. Fast forward 4 years later, Netflix has helped me buy my new apartment :) now I am thinking of new stock ideas for 2018
His firm's name remind me of Stratton Oakmont
Probably the same guy
Not sure why this was titled value investing. This guy isn't a value investor at all. More importantly, their fund has a a 1% expense ratio and there funds have underperformed the market.
To be fair, almost every "value investor" including Buffett are underperforming the market over the last decade.
Since inception his funds has beat the S&P total returns by over 3 %
@@mdo5121 Not sure where you're getting your information but it's not correct. Moreover, his recent returns have been terrible. 2017 underperformed by -6.11%, 2018 underperformed by -20.49% 😂, 2019 underperformed by -3.8%, 2020 underperformed by 7.64%, and 2021 he finally had an outperformance year with +5.34%.
Technology isn’t in my sphere of competence might be outdated to him but BRK is beating OAKBX by a mile. Maybe they should stick to the basics. The fact that lots of people can see the info doesn’t take away the fact that some stocks can be undervalued
12:47
8:35 Netflix
I am sorry. His funds seems underperforming the market indexes. Like Howard Mark said, only 5% investing professionals can beat indexes. If you can not beat indexes, you add no value with your work. People can passively invest in index funds without loss.
Your broad point is correct, but you're incorrect that Nygren's funds have underperformed market indexes. You're also dangerously incorrect that "people can invest in index funds without loss."
Value funds by their very nature much of the time run counter to the current market.. Regarding investing without loss, no one can guarantee that. You can certainly lose investing in an index fund, though I would agree they have great long-term potential. Please do not talk about what you do not know.
Google talk team, please do not invite any hedge fund manager and call him value investor, he is a fund manager, not a value investor, he didn't said a word about ben graham and he said Facebook is a value buy on " 19 July 2018" when FB was at 202$ per share, today its at 142$ per share. he is just catching investors by calling himself value investor, anyone who reads balancesheet knows FB is a crap. how did he found fb valuable?
Still believe this?
@@KidFreshie Well I guess he does.
You still believing this?