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RWH058: Winning Ways w/ Bill Nygren

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Jun 22, 2025

Guest

Bill Nygren

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.

02:17:11

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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.

insights

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.

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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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Foundations of Value Investing

04:02 • 14min

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From Gambling Strategies to Investment Insights

18:09 • 10min

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The Roots of Competitiveness and Rational Thinking

28:04 • 4min

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Foundational Insights and Innovative Solutions

32:06 • 4min

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Navigating Investment Paths

36:17 • 19min

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Core Investment Principles for Success

55:15 • 5min

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Enhancing Focus and Business Efficiency with Innovative Tools

01:00:40 • 4min

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The Evolution of Value Investing

01:04:13 • 30min

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Navigating Investment Challenges

01:34:12 • 25min

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The Power of Connections in Investing

01:59:38 • 15min

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In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors. The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively. They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more. Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.

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Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.

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7 Simple Steps to Financial Freedom

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First published in 1934, Security Analysis is a seminal work in the field of finance that lays the intellectual foundation for value investing. The book, written by Benjamin Graham and David L. Dodd, distinguishes between investing and speculating, emphasizes the importance of thorough financial analysis, and introduces key concepts such as the 'margin of safety. ' The sixth edition includes commentary from leading Wall Street money managers and a foreword by Warren E. Buffett, who has praised the book for its enduring relevance in modern markets.

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#4974

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The Great Minds of Investing

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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