Morningstar Interview with Joe Mansueto founder of Morningstar and Bill Nygren of Oakmark

The interview focuses on the importance of having long-term convinction and building concentrated portfolios:

Quotes:

"One of the rules that I have is the old 80/20 rule. If 80% of investor attention is focused on something that you think is less than 20% of the story, it's a good opportunity to take a look at the business." - BN

"I think it shows the danger of being so inflexible in terms of how you think about valuation. It's important to keep refining the way you think about value so you don't get in that trap of saying, things aren't like they used to and I don't want to play." - BN

"But too many managers structure their portfolios to avoid a chance of significant underperformance. If you're structuring to not lose, it's very hard to argue that you can do better than an index fund. I think to justify an active management fee today mutual funds have to structure their portfolios to try to win." - BN

"People often ask us why we decided to start each of our funds, and the answer is the same. When we sat around the table, we said, "This is an opportunity we'd like to invest our own capital in." - BN

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