Oakmark's Bill Nygren on Salesforce: It has lagged enough for value investors like us to take a look

Group 1 - The year 2025 was challenging for active managers, particularly those not heavily invested in growth stocks, which dominated the market [2] - Momentum has been a significant factor in the market, with its strength comparable to the late 1990s dot-com era, where past performance heavily influenced stock selection [2][3] - There is an expectation that underperforming stocks will catch up in 2026, benefiting investment strategies focused on value [3] Group 2 - Salesforce is being recognized as a potential AI winner, with valuations in the range of 8 to 10 times sales for software companies being considered reasonable [4] - Salesforce's classification has shifted from a growth stock to a more value-oriented investment, attracting interest from value investors [5] - Financials were a major focus for investment at the beginning of the year, but their attractiveness has diminished as valuations have increased, although they still present a better opportunity compared to electric utilities [6][7]