We Study Billionaires - The Investor’s Podcast Network

RWH058: Winning Ways w/ Bill Nygren

135 snips
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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