Bill Nygren calls buying up shares of this company the best trade of his iconic decades-long career.
More than three decades after the money-winning trade, Bill Nygren still calls buying up shares of Liberty Media as it was spun off from Tele-Communications Inc. one of the best stock moves of his career. "We made about 20 times our money in Liberty, and it was one of our largest shareholdings in the Oakmark fund, and also at Harris Associates," the value investor told CNBC during an interview Friday.
That's where Nygren saw a major value opportunity. CEO John Malone managed the company in a way that abided by Oakmark Funds' value principles, Nygren said, adding that he and his team had long admired this. So they looked at an asset-by-asset valuation and determined that the assets inside Liberty were worth three times the cost of purchasing the TCI shares. The deal was structured so that TCI shareholders received the right to buy Liberty stock based on how much they owned.
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