How to Be an Active Manager

There's no macro overlay at Harris Associates that says you can own this or that. So we don't start with trying to forecast a very dynamic global economy. The best way to think about when we have an outsized exposure, it's because our bottoms up process has led us there.

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Clay Finck chats with Tony Coniaris about the investment process and philosophies at Oakmark, Netflix as a value investment, Netflix stock valuation, and much more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:50 - Oakmark’s criteria for a quality value investment.

07:44 - What it means to have a bottoms up investment approach rather than a top down approach.

11:39 - Why Netflix qualifies as a value investment for Oakmark.

15:30 - Tony’s thoughts on the volatility of the stock’s price action.

18:13 - How Tony thinks about valuing Netflix.

30:20 - Tony’s thoughts on a recent addition to Oakmark’s holdings - Willis Towers Watson.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Related episode: Listen to MI138: Fiserv Deep Dive w/ Bill Nygren & Mike Nicolas, or watch the video.
Related episode: Listen to TIP430: From Facebook to Meta and Beyond w/ Bill Nygren, or watch the video.
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