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Nygren: Why Amazon Was Misunderstood

Amazon's third-party-selling business and investments for 'supernormal growth' were not well accounted for in the market valuation, says Oakmark manager Bill Nygren.

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Jeff Ptak: Let's talk about one name that perhaps is misunderstood, especially on a multiple basis. That's Amazon (AMZN), which is a relatively recent purchase--actually, one that appears to have performed quite well in your portfolio.

Bill Nygren: I've never been asked about that one [laughing]. Everybody expects it in a value portfolio.

Jeffrey Ptak does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.