We Study Billionaires - The Investor’s Podcast Network

RWH058: Winning Ways w/ Bill Nygren

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Jun 22, 2025

In a riveting conversation, Bill Nygren, Chief Investment Officer at Harris Associates, shares his insights on value investing with a remarkable track record overseeing $25 billion. He discusses how a contrarian approach along with disciplined focus on valuation set him apart. Bill reveals his strategies for success, including the three qualities he looks for in companies and a unique 'Mistake Management Protocol.' He offers invaluable advice on balancing personal health and family life while striving for greatness in the competitive world of investing.

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ANECDOTE

Early Arbitrage Anecdote

Bill Nygren started investing young by arbitraging silver coins with his allowance.
He enjoyed math and statistics, which naturally aligned with his passion for investing.

INSIGHT

Rejecting Efficient Market Theory

Starting with Benjamin Graham's Intelligent Investor shaped Bill's value investing beliefs.
He rejected efficient market theory, favoring a business-value-based investment approach.

ADVICE

Three Magical Investment Qualities

Evaluate companies by a large discount to business value, expected returns, and exceptional aligned management.
Avoid growth for size alone; seek long-term per-share value maximization.

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