The Intrinsic Value Podcast - The Investor’s Podcast Network

MI301: Deep Value: Timeless Strategies, New Insights w/ Bill Nygren and Robert Bierig

Oct 24, 2023

"The Investor’s Podcast Network" welcomes Bill Nygren and Robert Bierig. They discuss Harris Associates' value-based investing strategy, their unique consensus-building process, an exciting underpriced business they've added, undervalued industries, and the importance of regular stock reevaluation. Listen in for timeless strategies and new insights!

54:35

Episode guests

Robert Bierig

Bill Nygren

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Harris Associates focuses on long-term value investing, building a strong brand synonymous with value investing.

Iqvia benefits from the growing trend of outsourcing clinical trial services, providing significant growth potential.

Non-GAAP financial metrics can reveal the true value of tech stocks like Adobe and Uber.

Deep dives

First Citizens Financial: A Growth Company at a Cheap Price

First Citizens Financial is a prime example of a rapidly growing company that fits into the category of value investing. It has demonstrated impressive growth in book value, earnings, and sales, positioning it as a growth company within Morningstar's ranking system. Despite its growth, First Citizens Financial maintains a low valuation, selling at just eight times earnings and intangible book value, making it an attractive investment opportunity.

Introduction

2min

Value-based Investing and Strategies for Success

14min

The Successful Framework of Analysts and Fund Managers at Harris Associates

3min

Investing in Employees, Streamlining Financial Management, and Renting Out Your Home on Airbnb

3min

Overview of Iqvia

15min

Analyzing Growth Drivers and Value Models

5min

Analyzing Spreads and Value Investing

15min

Learning about Oakmark's investment philosophy through quarterly reports

2min

Kyle Grieve chats with Bill Nygren and Robert Bierig about the formation of Harris Associates, their value-based investing strategy, their unique way they have their analysts and portfolio managers come to a consensus on a stock, a deep dive on an exciting underpriced business they’ve recently added in IQVIA, a look at some undervalued industries, the importance of re-evaluating your stocks regularly when information changes, and a whole lot more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

13:19 - Why calculations of intrinsic value must be adjusted regularly to ensure a degree of accuracy.

02:44 - Why focusing on long-term returns helps align them with their partners.

02:44 - How a value-based approach has shaped their investing philosophy.

07:10 - The importance of per share growth when looking at growth metrics.

22:16 - A deep dive into one of their newest portfolio additions, IQVIA.

45:42 - Which industries Bill is seeing value in right now.

53:33 - How to look at growth stocks through a value perspective with examples of Adobe and Uber.

And much, much more!

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Watch or listen to Bill Nygren’s investing appearances here.
Read Robert Bierig’s interview with The Street on his investing philosophy here.
Related episode: Listen to TIP430: From Facebook To Meta And Beyond w/ Bill Nygren or watch the video.
Related episode: Listen to TIP254: Value Investing w/ Bill Nygren or watch the video.

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