William Nygren, a top manager at Oakmark Funds, said on Wednesday he remains bullish on Apple and Bank of America, but is still avoiding Dell in light of the company's plans to take the computer maker private.
Nygren said that there is "an awful lot that could go wrong at Apple" before it would appear overvalued, and that its high growth rate and recent move to return more cash to shareholders through dividends and buybacks was "comforting."
William Nygren of Oakmark Funds, remains bullish on Apple and Bank of America, but is still avoiding Dell...
"Most of what has gone wrong at Bank of America was put in place by the prior management, and we think unfairly that Brian Moynihan has been tarred by that brush," Nygren said. Nygren's Oakmark Fund had over 3 percent of its assets invested in Bank of America at the end of March, according to Lipper.
Nygren, who said in April that he sold his $250 million stake in Dell after private equity firm Blackstone Group ended its pursuit of the company, told Reuters that an alternative proposal to founder Michael Dell and private equity firm Silver Lake Partners' $24.4 billion buyout of the company has not lured him back into the stock.
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