We sold our remaining shares of LinkedIn (NYSE:LNKD) and established a new position in casino operator MGM Resorts International (NYSE:MGM). We believe the recovery potential in the Las Vegas market and MGM’s profit improvement plan are both underappreciated at the current value. Meanwhile, management has been busily working to close the price-value gap on the shares by monetizing latent real estate value and improving the balance sheet. In the short time we’ve owned MGM, both the fundamentals and management actions have been consistent with our thesis.
From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund third quarter 2016 commentary.
