Bill Nygren Quotes
102 Bill Nygren Quotes
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[In March 2012 on the mutual fund industry.] The industry is all about tracking error and basis points and where a fund is compared to an index, but most mutual-fund investors are using funds to meet real-world future expenses. Their risk isn't that they have a fund that is a few basis points off, it's that they lose capital and don't have a chance to recover it before they need that money.
Bill Nygren
[In March 2012] Performance records aren't just a sheet of quantitative statistics; they translate to real dollars that real people are using to meet real expenses.
Bill Nygren
[In September 2012] We're at a point where most asset classes that exhibit some degree of safety are pretty fully priced…
Bill Nygren
[In September 2012] If a country seems to be somewhat near solvent, its bonds tend to be offering almost record-low yields.
Bill Nygren
[In September 2012] Commodities tend to be priced pretty significantly above their long-term averages.
Bill Nygren
[In September 2013] Our goal is to determine the maximum price an all cash buyer could pay to own the entire business and still earn an adequate return on their investment.
Bill Nygren
[In September 2013] I’ve found that our best ideas typically don’t linger very long in the ‘in process’ stage. As Buffett says, it’s OK to decide a stock belongs in the ‘too tough pile.’
Bill Nygren
[In September 2013] There are two questions that I think we pay more attention to than most investors do: Does forecasted growth require capital investment or will excess cash be generated? And how does management evaluate how to raise needed capital or invest excess capital?
Bill Nygren
[In September 2013] For some companies book value is a good measure of value, for some sales, for others cash flow. Sometimes you need to look at discretionary cash flow before advertising or R&D to find hidden value. By not requiring that the same summary statistic (P/E for example) be used to define value for every company, I believe we meaningfully expand our selection universe.
Bill Nygren
[In September 2013] We think financials are very cheap.
Bill Nygren
[In September 2013] We spend a lot of time analyzing our mistakes both statistically and qualitatively.
Bill Nygren
[In September 2013] So many good managers achieve their results by first focusing on protecting their capital, and only then thinking about upside.
Bill Nygren
[In September 2013] You get a very different perspective from reading a manager’s thoughts than you do by just analyzing historical performance.
Bill Nygren
[In September 2013] I think we analyze companies much more like Buffett than Graham… But unlike Buffett, we do sell stocks when we believe they exceed 90% of value.
Bill Nygren
[In September 2013] A basic part of being a value investor is that, all else equal, a higher price decreases a stock’s attractiveness and vice-versa.
Bill Nygren
[In September 2013] We don’t believe we are very good at forecasting commodity prices…
Bill Nygren
[In September 2013] We are bottom-up investors, meaning we spend almost all our analytic time examining individual companies as opposed to trying to forecast macro factors.
Bill Nygren
[On the one book that most influenced his stock picking philosophy.] The book that made the most sense to me was Ben Graham’s Intelligent Investor.
Bill Nygren
[In September 2013] I was raised by parents that were very value conscious consumers, so the idea that you could succeed by buying stocks like you bought groceries and clothing, made perfect sense to me.
Bill Nygren
[In October 2013] We've generally thought that most of the U.S. based food companies had been pretty fully valued, but one of the things we learned with our Heinz holding earlier this year was how much more people were willing to pay for emerging-market exposure.
Bill Nygren
[In October 2013] When you’re a long-term value investor like we are at Oakmark, we end up buying things that had been disappointing for others.
Bill Nygren
If you focus on the not losing part, the upside usually takes care of itself.
Bill Nygren
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