Solid Fundamentals, Cyclical Downturns Have Led To New Purchases

Core Viewpoint - Harris Associates L.P. emphasizes a consistent investment philosophy focused on value investing, believing that stock prices will eventually reflect the underlying company's value [1] Investment Philosophy - The company is committed to superior investment research and high levels of customer service, which have remained unchanged since its founding in 1976 [1] - Harris Associates seeks companies trading at significant discounts to their underlying value, with substantial profit potential and management that acts as owners [1] Research Process - The investment process is framed as owning a piece of a business for the long term, highlighting the importance of intensive, fundamental research [1] - The research methodology involves a disciplined quantitative and qualitative screening process, with analysts acting as independent thinkers rather than relying on Wall Street [1] - Analysts at Harris Associates are generalists who evaluate companies based on their fundamental characteristics [1]