Bill Nygren, portfolio manager at Oakmark Funds for 40 years, said he's picking cheap stocks outside the dominant tech sector.
Longtime value investor Bill Nygren warned that the popular benchmark S & P 500 is not as diversified as it used to be, and he's picking cheap stocks outside the dominant tech sector. Nygren, portfolio manager at Oakmark Funds for 40 years, said the technology sector has grown so powerful in the S & P 500 that the 25 or so largest names make up about half of the investment. "It's not nearly as diversified as investors think it is.
Nygren said the negative bias towards value stocks pushed him to look for companies with inexpensive stocks that have sizable buyback programs in place, so that the share price would appreciate on its own without other investors following suit. "It's become so important to us that we invest with companies that are taking matters into their own hands and using excess capital to repurchase their own stock," Nygren said.
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