Oakmark Fund Bill Nygren tells Barron's that he still likes stocks. Well, the stock mutual fund manager from Harris Associates [profile] 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]  

Edited by: Sean Hanna, Editor in Chief


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