In this episode of the Valley Investors Podcast, host Nathan Erickson welcomes Bill Nygren, Partner, and Chief Investment Officer at Harris Associates and Vice President of Oakmark Funds. Bill shares his journey from a working-class high school in St. Paul, Minnesota, to becoming a distinguished value investor managing the Oakmark Fund. He discusses his investment philosophy, lessons from his early career, and insights into the current market environment. Bill reflects on the evolution of value investing over four decades, why value still matters, and how he identifies opportunities in an increasingly intangible-driven economy. The conversation also explores the challenges investors face today with the abundance of information, the role of AI in transforming industries, and the persistence of value investing in an era dominated by mega-cap growth stocks.

Key Discussions in This Episode:

[00:00:00] - Intro to the Podcast and Guest

[00:01:26] - Bill’s Early Years and Path to Investing

[00:07:16] - From the University of Minnesota to Wisconsin

[00:12:46] - Early Career Lessons

[00:15:16] - The Evolution of Value Investing

[00:24:18] - AI’s Impact on Businesses

[00:26:05] - Interest Rates and Their Implications

[00:31:46] - GM as a Prime Example of Value Investing

[00:39:16] - Challenges for Modern Investors

[00:42:16] - Arizona and Cubs Spring Training

[00:43:46] - Closing Remarks

Links:

Oakmark Funds: https://oakmark.com/

Bill Nygren: https://harrisassoc.com/

Nathan Erickson on LinkedIn: https://www.linkedin.com/in/nathanferickson/

Value Investing in a Modern Market: Insights from Bill Nygren of Harris Associates