Manager Insights

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Patience Is a Virtue

September 28, 2017

One could argue that the active versus passive debate is poorly framed. At Harris Associates, we believe “closet indexers” are primarily to blame for the average active manager underperformance. We think a more productive discussion is the value of true active managers versus closet indexers.

Maybe U.S. Stocks Aren’t Overvalued

May 3, 2017 - Bill Nygren

Is the market cheap? Is it expensive? Bill Nygren explores how both conclusions could be drawn by investors, and why we stay away from market timing.

The Psychology of Ownership and Investing

March 15, 2017 - Lauren Harvey

There is a well-established phenomenon in psychology called the endowment effect. In an investment context, it manifests as falling in love with stocks that are already owned, skewing perceived value and impeding objectivity. Product Specialist Lauren Harvey explores how we work to combat its negative effects.

Sacrificing the Short Term for the Long Term

February 16, 2017 - Eric Liu

As patient value investors, we oftentimes encourage our clients to stomach volatile short-term performance in exchange for long-term investment success. Portfolio Manager and Senior International Investment Analyst Eric Liu further explores our thought process.

Joe Maddon Made the Cubs Better. Could He Do the Same for Investors?

November 07, 2016

Bill Nygren examines how five slogans from the Cubs’ manager can be taken off the field and applied to investing.

The Case for Eating Your Own Cooking

March 09, 2016

We eat our own cooking, and we like management teams that eat theirs.

Finding “Value” in “Growth”

January 20, 2016 - Robert Bierig

For the last few years, many value investors have complained that finding cheap stocks has been especially difficult. Harris Associates’ Robert Bierig explores why.


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Before investing in any Oakmark Fund, you should carefully consider the Fund's investment objectives, risks, management fees and other expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. For more information, please call 1-800-OAKMARK (625-6275). Harris Associates Securities L.P., Distributor.

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