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Bill Nygren

T3InvestorsValue investing

Joined Harris Associates in 1983; has managed the Oakmark Select Fund since 1996 and the Oakmark Fund since 2000.

Harris AssociatesOakmark FundsOakmark SelectOakmark Fund

A well-regarded value manager whose quarterly Oakmark commentary is widely read, but he has written no book and is little cited outside US value investing.

59 letters · 7 articles

Letters 59Writing 7Profiles 3
The discipline to stay boring | U.S. equity market commentary 2Q 2026Bill Nygren explains why the Oakmark Fund was flat in the first half of 2026 while index gains came from high-P/E, AI-driven technology stocks it did not own.2 2026
Why didn't we do better when value outperformed? | U.S. equity market commentary 1Q 2026Bill Nygren asks why Oakmark, priced below even the Russell 1000 Value Index, did not gain more when value stocks outperformed in Q1 2026.1 2026
What goes up | U.S. equity market commentary 4Q 2025Bill Nygren argues that years of rising prices have taught investors that trends never reverse, and defends rebalancing as stock prices climb.4 2025
Our bottom-up approach to a top-down crisis | U.S. equity market commentary 2Q 2025Bill Nygren describes Oakmark's bottom-up response to the 2025 tariff crisis, as the S&P 500 rose 6% in six months by a volatile path.2 2025Amazon, Nike, Kenvue
The S&P 500 has corrected, now what? | U.S. equity market commentary 1Q 2025Bill Nygren discusses the S&P 500's correction and its 11% two-day fall after the Liberation Day tariffs, which Oakmark doubts will raise business values.1 2025Microsoft, Amazon, Alphabet, Meta Platforms, Apple, Nvidia, Tesla
Oakmark, still a large company fund | U.S. equity market commentary 4Q 2024Bill Nygren argues that despite a shrinking universe of large-cap stocks, Oakmark still finds large businesses that meet its value criteria.4 2024
ETFs, interest rates, the election - what shareholders are asking about | U.S. equity market commentary 3Q 2024Bill Nygren answers shareholders' questions on ETFs, interest rates and the 2024 election.3 2024
What goes up... keeps going up. But we aren't buying it. | U.S. equity market commentary 2Q 2024Bill Nygren examines what drives growth stocks' continued dominance in 2024 and restates Oakmark's commitment to value investing.2 2024
Navigating market highs and (avoiding) value traps | U.S. equity market commentary 1Q24Bill Nygren explains why Oakmark welcomes market highs, as the S&P 500 and each Oakmark fund hit new highs every month of Q1 2024, and how it avoids value traps.1 2024Amazon, Alphabet, Apple, Visa, Capital One Financial, Mastercard, Meta Platforms
Bill Nygren Market Commentary | 1Q23Bill Nygren explains Oakmark's bank holdings after the 2023 bank failures and restates its practice of buying growing businesses well below intrinsic value.1 2023Alphabet, Microsoft
Active vs. passive: did funds meet the mark in 2023? | U.S. equity market commentary 4Q23Bill Nygren reports mutual fund outflows of $430 billion by November 2023 after $960 billion in 2022, and asks whether active funds earned their place.4 2023
Value vs. growth: Then and now | U.S. equity market commentary 3Q23Bill Nygren argues, with Buffett, that growth is part of value, after a decade in which the Russell 1000 Growth doubled the Value index's return.3 2023Adobe, Coca-Cola, Alphabet, Amazon, Capital One Financial, Uber, General Motors
The High Price of Low Volatility | U.S. equity market commentary 2Q23Bill Nygren argues that low-volatility stocks carry a high price and that risk means a real chance of permanent loss, not price swings.2 2023Alphabet, Microsoft, Meta Platforms, Apple, Tesla
Bill Nygren Market Commentary | 4Q22Bill Nygren, in a Motley Fool interview, explains Oakmark's method of buying growing, shareholder-minded businesses well below intrinsic value and waiting.4 2022Microsoft, Alphabet, Hilton Worldwide, Wells Fargo, Mastercard
Bill Nygren Market Commentary | 3Q22Bill Nygren cites Peter Lynch to argue that investors who leave stocks to avoid a decline usually miss the next rally.3 2022
Bill Nygren Market Commentary | 2Q22Bill Nygren puts 2022's bear market, recession fears and high inflation in historical context, as bearish sentiment hit its highest since 2009.2 2022Meta Platforms, Netflix, Alphabet, Bank of America
Bill Nygren Market Commentary | 1Q22Bill Nygren revisits his 2016 finding that investors did fine despite decades of worrying events, and applies it to the worries of early 2022.1 2022
Bill Nygren Market Commentary | 4Q21Bill Nygren applies Buffett's line that price is what you pay and value what you get to the topics investors worried about most in late 2021.4 2021Alphabet, Netflix, General Motors
Bill Nygren Market Commentary | 3Q21Bill Nygren follows up on ESG, arguing that a noble purpose and care for all stakeholders tend to produce great outcomes for shareholders.3 2021Bank of America, Microsoft, Amazon, Alphabet, Apple
Bill Nygren Market Commentary | 2Q21Bill Nygren argues that ESG questions come down to where boards should allocate capital for the best long-term outcome.2 2021Alphabet, Meta Platforms
Bill Nygren Market Commentary | 1Q21Bill Nygren uses a BlackBerry employee's regret over dismissing the iPhone to argue investors must be willing to rethink, a year into the pandemic.1 2021
Bill Nygren Market Commentary | 4Q20Bill Nygren asks whether foreseeing 2020's pandemic and record GDP fall would have made investing easier, and argues it would not.4 2020Meta Platforms, Alphabet, Netflix, Wells Fargo, Bank of America, Citigroup, Capital One Financial, Hilton Worldwide, American Express
Bill Nygren Market Commentary | 3Q20Bill Nygren shows the large-cap universe shrinking, with 40 newcomers far smaller than the companies that left it.3 2020Bank of America, Microsoft, Alphabet, Apple, Hilton Worldwide, Wells Fargo
Bill Nygren Market Commentary | 4Q19Bill Nygren notes the S&P 500 returned 31% in 2019, its best since 2013, while Oakmark returned 27%, and cites Buffett on price.4 2019Alphabet
Bill Nygren Market Commentary | 3Q19Bill Nygren and Win Murray answer GuruFocus readers' questions on Oakmark's investment philosophy and process.3 2019Alphabet, Apple, Tesla, Capital One Financial, Netflix, Wells Fargo, Bank of America, CarMax, Citigroup, General Motors
Bill Nygren Market Commentary | 2Q19Bill Nygren uses Gary Woodland's late-blooming U.S. Open win to argue that generalists can beat narrow experts.2 2019Alphabet, DuPont de Nemours, Capital One Financial, Citigroup
Bill Nygren Market Commentary | 1Q19Bill Nygren contrasts the gloom of TV news with a world that keeps improving, and what that means for long-term investors.1 2019
Bill Nygren Market Commentary | 4Q18Bill Nygren notes the gap between Oakmark's businesses, which performed as expected, and their stock prices, which fell in late 2018.4 2018Apple, Alphabet, Meta Platforms, Visa, Intel, Capital One Financial, Netflix, Bank of America, Mastercard, Citigroup
Bill Nygren Market Commentary | 3Q18Bill Nygren reports that Oakmark and Oakmark Select trailed the S&P 500 in fiscal 2018, Select by more as its concentrated picks lagged.3 2018Amazon, Apple, Netflix
Bill Nygren Market Commentary | 2Q18Bill Nygren uses Gartner to show why value investors must look past tangible assets to businesses whose value lies in economic goodwill.2 2018Alphabet, Meta Platforms, Netflix
Bill Nygren Market Commentary | 1Q18Bill Nygren applies Annie Duke's Thinking in Bets to separate good decisions from good outcomes in investing.1 2018Citigroup
Bill Nygren Market Commentary | 4Q17Bill Nygren and Win Murray answer GuruFocus readers' questions on value investing, Harris Associates' philosophy and current holdings.4 2017Netflix, Amazon, Alphabet, Apple, Citigroup, Walt Disney
Bill Nygren Market Commentary | 3Q17Bill Nygren warns against an analyst's argument that a company need only raise prices 50% to look cheap, nine years into a recovery with high P/Es.3 2017Netflix, Alphabet, Amazon, Meta Platforms
Bill Nygren Market Commentary | 2Q17Bill Nygren and Win Murray discuss Oakmark's approach in a Value Investor Insight interview.2 2017
Bill Nygren Market Commentary | 1Q17Bill Nygren compares March Madness forecasting with stock picking, on the role of luck and the limits of prediction.1 2017
Bill Nygren Market Commentary | 4Q16Bill Nygren explains why, 25 years ago, he believed a small Chicago manager could succeed in mutual funds against far larger firms.4 2016
Bill Nygren Market Commentary | 3Q16Bill Nygren uses the Chicago Cubs' 103-win season and a Chinese proverb to argue that results show over years, not days.3 2016
Bill Nygren Market Commentary | 2Q16Bill Nygren uses Earl the ticket broker to explain how markets price scarce goods above face value.2 2016Alphabet, Microsoft, Amazon, Uber
Bill Nygren Market Commentary | 1Q16Bill Nygren explains Oakmark's decision-making in a Q&A with The Motley Fool's John Rotonti.1 2016Alphabet, Amazon, Apple, Mastercard, General Motors
Bill Nygren Market Commentary | 4Q15Bill Nygren contrasts diversification proverbs with Mark Twain's advice to watch one basket, after another poor year for active managers in 2015.4 2015
Bill Nygren Market Commentary | 3Q15Bill Nygren uses the Chicago Cubs' return to the playoffs to discuss patience and long roads back.3 2015
Bill Nygren Market Commentary | 2Q15Bill Nygren answers GuruFocus readers' questions on Oakmark's long-term value approach.2 2015Amazon, American International Group
Bill Nygren Market Commentary | 1Q15Bill Nygren examines 2014, when only 10% of equity mutual funds beat the S&P 500, and quotes Jesse Livermore that human nature never changes.1 2015Unilever, Diageo, Microsoft, Apple
Bill Nygren Market Commentary | 4Q14Bill Nygren explains why Oakmark funds paid higher capital gains distributions in 2014, a frustration for fund investors.4 2014
Bill Nygren Market Commentary | 3Q14Bill Nygren discusses ZF Friedrichshafen's $105.60-a-share bid for TRW Automotive, then Oakmark Select's largest holding.3 2014
Bill Nygren Market Commentary | 2Q14Bill Nygren looks ahead to 2015: a consensus S&P 500 earnings estimate of $133 puts the forward P/E just under 15.2 2014Amazon, Alphabet, Visa, Mastercard
Bill Nygren Market Commentary | 1Q14Bill Nygren applies Phil Jackson's Zen proverb and Moneyball to patience in investing.1 2014
Bill Nygren Market Commentary | 4Q13Bill Nygren compares second-guessing investment decisions with Monday morning quarterbacking, separating bad decisions from bad outcomes.4 2013
Bill Nygren Market Commentary | 3Q13Bill Nygren answers GuruFocus readers' questions on how Oakmark approaches investing.3 2013Apple
Bill Nygren Market Commentary | 2Q13Bill Nygren reviews the market's sell-off after May 21, 2013, when talk of Fed tapering hit stocks at all-time highs.2 2013Apple
Bill Nygren Market Commentary | 1Q13Bill Nygren notes M&A at its highest in five years, with $268 billion announced in Q1 2013 including Heinz and Dell.1 2013Dell, Apple, American International Group, Capital One Financial
Bill Nygren Market Commentary | 4Q12Bill Nygren uses the NFL's year of rookie quarterbacks and Harry Caray's quip to discuss experience in investing.4 2012
Bill Nygren Market Commentary | 3Q12Bill Nygren answers three common questions about Oakmark's philosophy and the 2012 market.3 2012
Bill Nygren Market Commentary | 2Q12Bill Nygren applies Colm O'Shea's line that big price changes come when investors re-evaluate prejudices.2 2012eBay, Amazon, Walt Disney, Dell
Bill Nygren Market Commentary | 1Q12Bill Nygren notes the S&P 500 rose 13% in Q1 2012 and quotes Buffett's 2011 definition of investing as forgoing consumption now to consume more later.1 2012
Bill Nygren Market Commentary | 4Q11Bill Nygren notes how rare a flat day was in 2011's volatile second half, and what volatility means for long-term investors.4 2011
Bill Nygren Market Commentary | 3Q11Bill Nygren argues investors today, like those in the 1950s, can buy stocks whose yields exceed bonds' because fear of equities persists.3 2011
Bill Nygren Market Commentary | 2Q11Bill Nygren argues that mutual fund inflows in 2011 hide continued outflows from equity funds, so investors are not yet bullish.2 2011
Bill Nygren Market Commentary | 1Q11Bill Nygren draws on Jonah Keri's The Extra 2% on learning from mistakes and what successful organisations do.1 2011
The letter archive → See all 59 in the Letters table →

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