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By John Coumarianos | 05-28-2009 12:50 PM

Nygren: A Lot of Value Still Out There

Oakmark manager Bill Nygren says value investors can capitalize when the market believes "normal" will never happen again.

John Coumarianos: Hi. I am John Coumarianos, mutual fund analyst at Morningstar, and today we have the privilege of being joined by Bill Nygren. Bill manages the Oakmark, Oakmark Select and is co-manager of the Oakmark Global Select Fund. Bill is also a former Morningstar Equity manager of the year.

Thanks for joining us Bill.

Bill Nygren: Thanks for having me John.

John: Bill, you join us at an interesting time in the markets. They have bounced very hard in the past few weeks. I think we have gone from about 6,500 to around 8,300 on the Dow.

But I can remember 10 years ago when the Dow crossed 10,000 for the first time, so we are still quite a bit below that. I was wondering if you could speak about your portfolios in general, how the prices of your holdings compare to your estimates of their intrinsic value. Is that gap still very wide?

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