The Roots of Competitiveness and Rational Thinking

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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