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 Guest01:31 Bill Nygren's Early Passion for Investing03:58 College and Early Career Experiences07:56 Joining Harris Associates16:26 The Harris | Oakmark Investment Process18:58 Tuesday Meetings and Analyst Expectations28:23 Mistake Management Protocol32:18 Intellectual Honesty at Harris | Oakmark33:07 The Organized Chaos of Harris | Oakmark34:18 The Intensity of Portfolio Discussions35:39 Macro View and Portfolio Decisions38:13 Industries and Investment Criteria41:21 Case Studies: Delta and General Motors48:40 Understanding Management Teams54:42 Biggest Investing Mistakes and Lessons Learned58:18 Advice for Aspiring InvestorsFind out more about the funds Bill manages here: oakmark.com