Bill Nygren
Bill Nygren
companies creating downside figured fund michael needs peter price retired star
I think fund companies figured out after Peter Lynch and Michael Price retired that there's a downside to creating star managers, ... It needs to be about the firm, not about managers.
believe best common companies declined defies explain growing interviews large looking mania numerous outside percent powerful price quotes reporters stocks tech technology testament today values
I have had numerous interviews with reporters who called looking for quotes about tech bargains. I always explain that we believe the best values today are in growing companies outside of the technology sector....To these reporters, it defies common sense that stocks that have declined 80 percent or more are not yet 'values.' That is a testament to how powerful and unprecedented the technology mania was. Even after such large price declines, most of these stocks are still not cheap.
chicken division pay price separate
We're (exposed to the sector) in a chicken way ... I would never pay the price for that division if it were a separate company.
concerned conference high internet level managers people risks stocks taking trade understanding
The people who own Internet stocks are taking on a very high level of risk. Myself and most of the other managers at the conference are concerned about people who own and trade those stocks not understanding the risks they're taking.
context entertainment fulfilling investment market people speak stock traders using
To speak of day traders in any investment context is silly. These people are fulfilling a need for entertainment and are using the stock market for that.
almost company earnings range reasonable stock trading
With a stock trading at seven-and-a-half times earnings on almost any range of reasonable outcomes, I think that company is dramatically undervalued.
companies current energy oil prices remain require support talking unwilling
We've been talking to energy companies who are unwilling to make investments that require current oil prices to support them. They don't think prices will remain at this level.
frustrated lack puzzled
We were puzzled and frustrated by that, ... We were displeased with (management's) lack of urgency.
favorable few funds large loss realized tax
It's one of the few funds that is in such a favorable tax situation. The fund has a large realized loss and an unrealized loss.
decline type
That type of monthly decline was unprecedented. We were not comfortable with management's explanation as to why it happened.
decline type
That type of monthly decline was unprecedented, ... We were not comfortable with management's explanation as to why it happened.
charge effective fee prevent
The most effective way to prevent the exploitation of our long-term shareholders is to charge an appropriate fee to short-term traders.
commenting company disney great interested management media portfolio tremendous
Disney is a great company with a tremendous portfolio of media properties. I'm not interested in commenting on management issues.
believe commodity prices seen spike willing
We have not been willing to believe that the spike we'd seen in commodity prices was permanent.