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Oakmark Fund's Bill Nygren shared his favorite stock ideas and investment strategy Monday in an extensive interview with CNBC's Scott Wapner.
"We look to identify out-of-favor companies selling at a large discount to intrinsic value, run by managements that try to maximize long-term per-share value," the value investor said.
He added, "This year, that led us to a lot of the financial stocks, some of the economically cyclical names, that's where the value has been even though that's not what has been popular. ... We think almost all the banks are attractive."
Nygren joined Harris Associates, the investment adviser for Oakmark Funds, in 1983. The firm's flagship Oakmark Fund, of which Nygren is portfolio manager, is up 16 percent annually over the last five years, placing it in the top 6 percent of funds in its category, according to Morningstar. The fund is up almost 10 percent in 2016.
To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.