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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.

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