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
The 10 best states for retirees It might be worth moving to a new place to find your dream retirement home. Check out these 10 states. More
A look at Sears through the years Now Sears has officially said its business has an uncertain future, here's a look at photographs that documents the store's rich history. More
Coolest hotel bars for business travelers in 2017 CNNMoney asked a high-end concierge service for routine business travelers what hotel bars they'd recommend in 4 major U.S. cities. Here are the best spots. More

Special Offer