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September 11, 2018
Portfolio Manager Bill Nygren shares the importance of looking at intangible assets rather than GAAP earnings to determine a company’s value.
As of 6/30/18, Amgen is not owned in any of the Oakmark funds.
EPS refers to Earnings Per Share and is calculated by dividing total earnings by the number of shares outstanding.
The Price-Earnings Ratio (“P/E”) is the most common measure of the expensiveness of a stock.
The Price to Book Ratio is a stock’s capitalization divided by its book value.
The discussion of the Funds’ investments and investment strategy (including current investment themes, the portfolio managers' research and investment process, and portfolio characteristics) represents the Funds’ investments and the views of the portfolio managers and Harris Associates L.P., the Funds' investment adviser, as of the date written and are subject to change without notice.
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Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
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Date of first use: January 24, 2013.