Oakmark’s Bill Nygren on Salesforce: It has lagged enough for value investors like us to take a look
December 24, 2025 • 2m 47s
? (Anchor)
00:00.150
for
more
on
where
the
markets
go
this
morning
though
we're
joined
this
morning
by
bill
nygren
portfolio
manager
at
oakmark
funds
bill
really
a
pleasure
as
always
to
talk
to
you
but
especially
to
round
out
the
year
good
to
see
you
again
Bill Nygren (Portfolio Manager)
00:12.550
thanks
for
having
me
? (Anchor)
00:14.470
your
general
view
of
twenty
six
and
what
kind
of
grade
would
you
give
twenty
five
Bill Nygren (Portfolio Manager)
00:19.710
well
i
think
first
twenty
five
was
a
great
year
tough
year
for
active
managers
to
keep
up
especially
if
you
weren't
heavily
weighted
in
the
growth
stocks
that
really
led
the
market
and
you
know
the
other
big
issue
for
twenty
twenty
five
was
just
how
strong
a
factor
momentum
was
Bill Nygren (Portfolio Manager)
00:38.190
i
think
in
the
past
two
years
momentum
's
been
almost
as
strong
as
it
was
back
in
ninety
eight
and
ninety
nine
in
the
dot
com
LED
market
where
all
you
had
to
do
was
look
backwards
and
just
buy
the
stocks
that
had
been
performing
the
best
and
they
continued
to
outperform
that's
Bill Nygren (Portfolio Manager)
00:55.590
really
unusual
for
that
to
last
more
than
a
couple
years
so
our
belief
and
hope
because
it
would
benefit
how
we
invest
is
that
the
names
that
have
been
left
behind
are
kind
of
catching
up
in
twenty
six
? (Anchor)
01:12.110
looking
at
a
barons
piece
this
morning
on
on
salesforce
the
headline
is
ready
to
emerge
as
an
AI
winner
and
they
quote
you
where
you
say
maybe
eight
to
ten
times
sales
for
a
software
company
is
not
too
crazy
Bill Nygren (Portfolio Manager)
01:25.190
well
that's
certainly
the
price
the
ballpark
price
you
get
to
in
the
acquisition
market
and
salesforce
is
much
more
dominant
than
the
companies
they're
getting
acquired
at
eight
to
ten
times
and
you
know
even
morningstar
now
classifieds
salesforce
not
as
a
growth
stock
so
it's
Bill Nygren (Portfolio Manager)
01:44.310
been
left
behind
enough
that
value
investors
like
us
have
to
take
a
look
at
it
? (Anchor)
01:51.090
our
financials
still
valuable
you
hold
a
lot
in
your
portfolio
but
you
do
say
that
you
hold
less
than
you
did
before
given
the
run
i
assume
Bill Nygren (Portfolio Manager)
01:59.150
right
at
oakmark
one
of
the
things
we
almost
always
do
is
trim
into
strength
we
don't
want
a
strong
market
to
be
increasing
the
weightings
that
we
thought
were
appropriate
so
we
went
into
the
year
with
financials
by
far
our
most
heavily
invested
industry
the
the
theory
was
like
Bill Nygren (Portfolio Manager)
02:17.270
if
we
just
take
banks
as
an
example
they
were
selling
at
small
premiums
to
book
value
we
think
they're
better
businesses
than
electric
utilities
and
the
electric
utilities
are
selling
it
twice
book
as
they've
closed
that
gap
they
aren't
quite
as
attractive
as
we
thought
they
Bill Nygren (Portfolio Manager)
02:33.270
were
at
the
first
of
the
year
but
when
you
look
at
low
teens
multiples
and
how
much
the
risk
levels
have
been
reduced
in
those
businesses
i
think
that's
still
pretty
attractive
compared
to
mid
twenties
for
the
S
and
P
multiple
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