Value investor Bill Nygren reveals what he's buying amid the sell-off

Traders work at New York Stock Exchange Feb. 25, 2020.
Zhang Mocheng | Xinhua | Getty Images

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Oakmark Funds partner Bill Nygren said that the sharp decline in stocks this week was dragging down stocks across the board, leaving some areas still undervalued relative to the market.

"I wish it was just the stocks that were on the chase that are being unwound," Nygren said on CNBC's "Squawk on the Street." "It seems to be unwinding everything, whether it has been part of the move up or not."