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Bill Nygren’s Oakmark Fund – Second Quarter 2014 Letter – NASDAQ

By Common Stock Warrants / July 11, 2014 July 11, 2014

Bill Nygren’s Oakmark Fund – Second Quarter 2014 Letter
NASDAQ
With 2014 now more than half over, it seems like a good time to look ahead to next year. The consensus S&P 500 earnings estimate for 2015, as computed by FactSet, is $133. That results in a forward P/E ratio of just less than 15x. Relative to the index …