Bill Nygren - A Modern Approach to Value Investing

On this episode of AUM, we are joined by Bill Nygren, a renowned portfolio manager at Harris | Oakmark.

Bill details Harris | Oakmark's rigorous investment process, including the pivotal Tuesday meetings, devil's advocate reviews, and the importance of intellectual tension.

Bill also dives into some notable investments including General Motors and Delta Air Lines, the significance of management alignment, and the lessons learned from major investment mistakes like under-investing in Apple.

Timestamps:

00:00 Introduction to the Show and Guest

01:31 Bill Nygren's Early Passion for Investing

03:58 College and Early Career Experiences

07:56 Joining Harris Associates

16:26 The Harris | Oakmark Investment Process

18:58 Tuesday Meetings and Analyst Expectations

28:23 Mistake Management Protocol

32:18 Intellectual Honesty at Harris | Oakmark

33:07 The Organized Chaos of Harris | Oakmark

34:18 The Intensity of Portfolio Discussions

35:39 Macro View and Portfolio Decisions

38:13 Industries and Investment Criteria

41:21 Case Studies: Delta and General Motors

48:40 Understanding Management Teams

54:42 Biggest Investing Mistakes and Lessons Learned

58:18 Advice for Aspiring Investors

Find out more about the funds Bill manages here: oakmark.com