RWH058: Winning Ways w/ Bill Nygren
We Study Billionaires - The Investor’s Podcast Network
Core Investment Principles for Success
This chapter discusses key investment principles that have guided Harris's approach for decades, including the importance of a solid investment strategy. It emphasizes three main tenets: buying undervalued companies, targeting higher returns than the S&P 500, and focusing on strong management to aid informed decision-making in complex markets.
In this episode, William Green chats with investing legend Bill Nygren, who oversees about $25 billion at Harris Associates. Bill is the firm’s Chief Investment Officer for US Equities & co-manages two flagship mutual funds: Oakmark Select & Oakmark Fund. Here, he discusses the processes, principles, habits & mindset that have enabled him to beat the market over three decades.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
05:32 - How Bill Nygren became a contrarian bargain hunter.
18:05 - Why sports gambling companies often refuse to take his bets.
47:56 - What three qualities he seeks in any company.
01:00:05 - How he scored big on Amazon, Google, Apple & Netflix.
01:11:11 - Why he never relaxes his disciplined focus on valuation.
01:16:04 - What he learned from hedge fund star Michael Steinhardt.
01:24:47 - How Bill’s team performs “Devil’s Advocate Reviews” for each stock.
01:33:55 - Why he developed his “Mistake Management Protocol.”
01:46:51 - How to succeed without ruining your health or your family.
01:46:51 - Why he discourages people from entering the investing business.
01:50:46 - What you must sacrifice to achieve greatness.
01:59:08 - How to succeed by aligning yourself with top-decile people.
02:07:13 - Why value investing isn’t dead.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Bill Nygren’s investment firm, Harris Associates.
- Bill Nygren’s funds, Oakmark Select & Oakmark Fund.
- William Green’s book, “The Great Minds of Investing.”
- William Green’s podcast interview with Christopher Begg.
- William Green’s podcast interview with Ray Dalio.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- Follow William Green on X.
- Check out all the books mentioned and discussed in our podcast episodes here.
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