Bill Nygren: Book Value No Longer Useful Valuation Metric

Every successful fund manager has developed a set of strategies which helps them identify wise investments, and Oakmark Portfolio Manager William Nygren of Harris Associates is no different. At the 2019 Ben Graham Conference, Nygren explained one key factor he uses to identify value stocks. His strategy has certainly worked for him, given that Oakmark has nearly doubled the S&P 500’s return over the last 25 years. He also said every Oakmark has outperformed versus its benchmark since inception in 1991. Q2 hedge fund letters, conference, scoops etc Identifying value In his presentation, Nygren said value is a function of…