In this episode of the Capital Thesis podcast, Bill Nygren, Co-Chief Investment Officer – U.S. at Harris | Oakmark, talks with host Franco Bauerle about how value investing has changed since he joined the firm in 1983. He explains how the Harris | Oakmark team brings a private equity mindset to public markets. That includes looking past standard accounting to value intangible assets like brands, R&D and customer relationships. He also explains why it matters that management teams think like owners.
Bill also shares his concerns about how concentrated the S&P 500 has become. He compares today’s excitement over AI to the internet boom of 2000, and he explains why he thinks much of the rest of the market is “underanalyzed.”
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