Among his new stock buys in the third quarter were Accenture, Glencore, Las Vegas Sands and Whirlpool.
"Accenture's a great consulting company," Nygren said. "I think it's a good example of the kind of ideas we'd been finding in the market over the past couple of quarters — excellent businesses that were being priced by the market like they were only average businesses."
On the more cyclical side was Whirlpool.
"We think we're buying Whirlpool at a cheap enough price that even though it's a riskier business, it's not a riskier investment," Nygren said, adding that its stock was selling at a price-to-earnings multiple of around 10, or two-thirds the broader market's value. "And we don't think it's a worse-than-overage business."
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Nygren added that day-to-day market fluctuations weren't a primary concern.
"At Oakmark, we try to look at where we think a company will be valued five to seven years from now," he said. "And when you think that far into the future, whether the next quarter is a little bit weaker or a little bit stronger than expectations doesn't really drive the long-term value."