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Bill Nygren : 2008 second quarter commentary

By admin - Posted on July 18th, 2008
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Bill Nygren of Oakmark says "The past year has been an extremely difficult one. A doubling in the price of energy combined with massive mortgage losses was not what we envisioned, and is not consistent with our estimates of long-term earnings power or business values. It may feel uncomfortable being positioned opposite such strong price momentum, but great investment opportunities only look easy in hindsight. We believe that looking back, today will be viewed as a great opportunity."

Bill Nygren of Oakmark buys Bank of America and Walgreen during the second quarter.  During the quarter Oakmark sold three strong performers, AFLAC, Covidien, and Conoco Phillips.

Read the commentary on The Oakmark and Oakmark Select Funds ...

Read Letter to Shareholders ...

 

 

 

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