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.
More Quotes from Bill Nygren:
Analysts themselves are getting back to basics, digging further into the numbers behind the numbers found in annual reports and other corporate filings. 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.Bill Nygren
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.
Bill Nygren
I have had numerous interviews with reporters who called looking for quotes about tech bargains. I always explain that we believe the best values today are in growing companies outside of the technology sector....To these reporters, it defies common sense that stocks that have declined 80 percent or more are not yet 'values.' That is a testament to how powerful and unprecedented the technology mania was. Even after such large price declines, most of these stocks are still not cheap.
Bill Nygren
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.
Bill Nygren
Disney is a great company with a tremendous portfolio of media properties. I'm not interested in commenting on management issues.
Bill Nygren
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Now the only thing I miss about sex is the cigarette afterward. Next to the first one in the morning, it's the best one of all. It tasted so good that even if I had been frigid I would have pretended otherwise just to be able to smoke it.
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