Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

40 of 40
BACK NEXT
What I learned from Johnny Carson
Bill Nygren
Manager, Oakmark Select Fund

Back when I was in college, I remember watching Johnny Carson interview Andrew Tobias, who was giving personal financial advice. Johnny asked: "What's the best investment for someone who has only $1,000?" Mr. Tobias said, "Nonperishable consumer staples."

Of course, the audience roared. But Mr. Tobias was being serious and said that if you purchase nonperishables when they are on sale, the return on investment is enormous. That answer focused me on the idea that investing wasn't only about stocks and bonds but rather was a mind-set for making sense of all of the transactions a consumer engaged in.

More galleries

Last updated July 22 2008: 11:27 AM ET
More Galleries
10 of the best beaches near airports Wait out your layover in the transit lounge? Or grab some sun, sand and surf? More
World's Top Employers for New Grads For an exclusive CNNMoney list, research firm Universum Global surveyed business students at colleges around the world to see where they most want to work. More
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More

Special Offer