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Bill Nygren of Oakmark Buys Netflix and Hilton Worldwide in 4th Quarter

Bill Nygren (Trades, Portfolio), portfolio manager of the Oakmark Select Fund, told clients this week that he has added shares of streaming-media provider Netflix (NFLX) and hotel company Hilton Worldwide (HLT) to the fund's portfolio in the fourth quarter. Netflix has stirred controversy among investors for having stratospheric valuations including a price-earnings ratio in the 300s during 2016 as its price marched continuously higher. "If you look at fundamentals, the quality of product Netflix is putting out has only gotten better, and the price they're offering it at is basically unchanged - a tremendous deal, relative to HBO Now or other audio or video services," he said. "We purchased Netflix in the quarter because its share price fell roughly 40% from its July high ... Nothing at Netflix has fundamentally changed in our opinion," Nygren wrote in a fourth-quarter letter released Thursday.

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