Value investing redefined

The Oakmark family of mutual funds is an extension of Harris Associates’ value-focused approach to investing. For more about our selection of funds, visit Oakmark.com.

The Oakmark Funds

111 South Wacker Drive, Suite 4600
Chicago, Illinois 60606
1-800-OAKMARK (625-6275)

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There is a real disconnect between news flow on public companies and the value of the underlying businesses. The overwhelming majority of discussion is based on what may happen over the next year or so to create volatility in earnings, despite over 90% of intrinsic value depending on what happens after that. This provides opportunities for long-term, value-minded investors like us.

-Tony Coniaris, CFA, Partner, Co-Chairman

Michael A. Nicolas, CFA

Partner, Portfolio Manager and U.S. Investment Analyst

Portfolio Manager of the Oakmark Fund, the Oakmark Equity and Income Fund and the Oakmark U.S. Large Cap ETF
Portfolio Manager of the U.S. Large Value Strategy
Vice President, Oakmark Funds
B.A., University of Wisconsin-Madison, 2002
Managing Director at Lakeview Investment Group, 2005-13; Senior Analyst at Stratford Advisory Group, 2002-05
Joined the industry in 2002
Joined Harris Associates in 2013

News + Insights

Insights

U.S. equities: Volatility creates opportunity

May 12, 2026

In this recent video, Portfolio Manager Michael Nicolas discusses how AI fears have driven sharp selloffs across software—but history suggests broad narratives often miss...

Michael Nicolas, CFA

News

Mike Nicolas on CNBC’s “Squawk on the Street” (07.23.25)

July 23, 2025

Portfolio Manager Mike Nicolas joined CNBC's “Squawk on the Street” to discuss the outlook for U.S. markets and where he is finding value today.

Michael Nicolas, CFA

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We do value investing differently

At Harris Associates, we don’t have an opinion about how equities will perform this year, if a recession will start or if the political parties will produce pro-growth candidates during the next election cycle. As long-term investors, we don’t think it matters.

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