Bill Nygren
Bill Nygren
companies creating downside figured fund michael needs peter price retired star
I think fund companies figured out after Peter Lynch and Michael Price retired that there's a downside to creating star managers, ... It needs to be about the firm, not about managers.
commenting company disney great interested management media portfolio tremendous
Disney is a great company with a tremendous portfolio of media properties. I'm not interested in commenting on management issues.
favorable few funds large loss realized tax
It's one of the few funds that is in such a favorable tax situation. The fund has a large realized loss and an unrealized loss.
costs funds traders
The fee, in effect, reimburses the funds for the costs short-term traders create,
decline type
That type of monthly decline was unprecedented. We were not comfortable with management's explanation as to why it happened.
decline type
That type of monthly decline was unprecedented, ... We were not comfortable with management's explanation as to why it happened.
personally
I don't think it has anything personally to do with Bob.
charge effective fee prevent
The most effective way to prevent the exploitation of our long-term shareholders is to charge an appropriate fee to short-term traders.
almost amazing analyzing annual coming company dozen fast half hand invisible problems report research saw
It's amazing how fast the invisible hand of competitive marketplaces is correcting these problems. Two years ago you saw almost no new research come out after the annual 10-K filing. Now when a company comes out with its 10-K, you see half a dozen analysts immediately coming out with a report analyzing all the details.
context entertainment fulfilling investment market people speak stock traders using
To speak of day traders in any investment context is silly. These people are fulfilling a need for entertainment and are using the stock market for that.
frustrated lack puzzled
We were puzzled and frustrated by that, ... We were displeased with (management's) lack of urgency.
companies current energy oil prices remain require support talking unwilling
We've been talking to energy companies who are unwilling to make investments that require current oil prices to support them. They don't think prices will remain at this level.
almost company earnings range reasonable stock trading
With a stock trading at seven-and-a-half times earnings on almost any range of reasonable outcomes, I think that company is dramatically undervalued.
concerned conference high internet level managers people risks stocks taking trade understanding
The people who own Internet stocks are taking on a very high level of risk. Myself and most of the other managers at the conference are concerned about people who own and trade those stocks not understanding the risks they're taking.