The Importance of Intangible Assets

September 11, 2018

Portfolio Manager Bill Nygren shares the importance of looking at intangible assets rather than GAAP earnings to determine a company’s value.

As of 06/30/2019, Amgen is not owned in any of the Oakmark funds. Access the full list of holdings for the Oakmark Fund as of the most recent quarter-end here.

EPS refers to Earnings Per Share and is calculated by dividing total  earnings by the number of shares outstanding.

The Price-Earnings Ratio (“P/E”) is the most common measure of the expensiveness of a stock.

The Price to Book Ratio is a stock’s capitalization divided by its book value.

The discussion of the Funds’ investments and investment strategy (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) represents the Funds’ investments and the views of the portfolio managers and Harris Associates L.P., the Funds’ investment adviser, as of the date written and are subject to change without notice.