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Bill Nygren - Fundamental Investing From A Generalist’s Perspective

Value Investing with Legends

CHAPTER

Using Different Models to Estimate Value

We like to use a lot of different approaches to defining value because it helps us identify where our inputs might be wrong on some of the values. We want management that are always stacking up internal growth opportunities, external growth opportunities and pursuing the path that leads to long-term per share value maximization. Some businesses have a bunch of divisions that don't naturally fit well with each other; maybe one company isn't necessarily the value maximizer for each of the various divisions they own. Capital allocation and business structure are to us the most important things in a management team.

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