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Kyle Grieve discusses Harris Associates’ value-based investing strategy, consensus-building process, IQVIA investment, undervalued industries, and the significance of regularly reevaluating stocks with Bill Nygren and Robert Bierig.

Bill Nygren has 42 years of investing experience and has been a part of Harris Associates since 1983. He is an astute value investor who is a wealth of knowledge. Robert Bierig has 24 years of investing experience and joined Harris Associates in 2012. He’s a portfolio manager of multiple funds for Oakmark.

IN THIS EPISODE, YOU’LL LEARN:
– Why calculations of intrinsic value must be adjusted regularly to ensure a degree of accuracy
– How to look at growth stocks through a value perspective with examples of Adobe and Uber
– Why focusing on long-term returns helps align them with their partners
– The importance of per share growth when looking at growth metrics
– How a value based approach has shaped their investing philosophy
– A deep dive into one of their newest portfolio additions, IQVIA
– Which industries Bill is seeing value in right now

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On Millennial investing, we interview top investors, experts, and successful entrepreneurs such as Kevin O’Leary, JL Collins, Jesse Itzler, and more to guide you on your investing journey.

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Growth In Deep Value Investing with Bill Nygren & Robert Bierig (MI301)

Deep value investing has long been a popular strategy among value investors. It involves identifying companies whose stock prices are significantly below their intrinsic value, often due to temporary market inefficiencies or investor sentiment. However, finding deep value opportunities in today’s market can be challenging, given the increased focus on growth stocks. In this article, we’ll explore the concept of growth in deep value investing, as discussed by renowned value investors Bill Nygren and Robert Bierig in their MI301 podcast.

Bill Nygren, portfolio manager at Oakmark Funds, and Robert Bierig, chief investment officer at Oakmark Select Fund, shared their insights into growth within a deep value framework. They emphasized the importance of not overlooking companies with potential for future growth, even when investing based on deep value principles.

According to Nygren, deep value investing is about finding bargains. It often involves identifying companies that are temporarily undervalued due to unfavorable market conditions or perception. However, he believes that it’s crucial to ensure these companies also possess the potential to grow and improve their fundamentals over time. Focusing solely on value metrics without considering growth prospects can lead to missed opportunities.

Both Nygren and Bierig highlighted the importance of having a long-term perspective when investing in deep value stocks with growth potential. They emphasized that investors shouldn’t be deterred by short-term market volatility or near-term setbacks faced by these companies. Instead, they should focus on the underlying factors that drive growth and give the company a competitive advantage in the long run.

However, identifying deep value opportunities with growth potential requires a thorough analysis of a company’s fundamentals. Bierig highlighted the need to assess the quality of the management team, the company’s competitive positioning, industry dynamics, and upcoming catalysts. This comprehensive analysis helps investors determine whether the company’s undervaluation is temporary or indicative of a more significant issue.

Nygren and Bierig also discussed the importance of having a contrarian mindset when searching for deep value and growth opportunities. They noted that deep value investors often go against the market consensus, investing in companies that are neglected or unpopular but possess strong potential for growth. This contrarian approach allows investors to take advantage of the market’s short-term biases and create long-term value.

In conclusion, growth in deep value investing is an essential aspect of value investing. As highlighted by Bill Nygren and Robert Bierig, investors should not overlook the growth potential of undervalued companies. By combining a deep value approach with a focus on growth prospects, investors can identify opportunities that offer both value and potential for future appreciation. However, thorough fundamental analysis, a long-term perspective, and a contrarian mindset are crucial for successfully executing this strategy.