n the quarter we have owned Oracle (ORCL), it has had more difficulty keeping up with Wall Street’s expectations than with ours. We continue to view the shares—selling at approximately 10x free cash flow—as significantly undervalued. Meanwhile, management is doing the right thing by aggressively repurchasing shares at what we believe to be a terrific price.
From Bill Nygren's third quarter 2013 Oakmark Select Fund commentary.
From Bill Nygren's third quarter 2013 Oakmark Select Fund commentary.
