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Bill Nygren: Challenge Conventional Wisdom

July 12, 2005

In his quarterly letter to shareholders, Bill Nygren wrote that almost by definition, a value investor is frequently investing against the conventional wisdom. Whereas conventional wisdom generally believes that recent trends will continue, value investors often believe they will reverse. It seems that two of todays strongest consensus beliefs are that it isnt worth paying up for quality businesses and that stocks will not provide adequate returns from current levels. Bill Nygren rejects both ideas. As a matter of fact, he does not reject the conventional wisdom that suggests wealthy men and attractive, thin, blond women would have above-average response rates

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