Oakmark Fund Bill Nygren tells Barron's
that he still likes stocks. Well, the stock mutual fund manager from Harris Associates
] at least explains that bonds and commodities are expensive, so stocks are a relative bargain.
If a country seems to be somewhat near solvent, its bonds tend to be offering almost record-low yields. Commodities tend to be priced pretty significantly above their long-term averages. And then you have equities. People argue about whether the P/E [price-earnings] multiple is 15 times forward earnings or a different figure. But it is the only asset category that offers an entry point for investors that is cheaper than its long-term historical average.
Nygren follows up with more specifics on what he is investing in now and why. [see Barron's article
Sean Hanna, Editor in Chief
Stay ahead of the news ... Sign up for our email alerts now