MI138: Fiserv Deep Dive w/ Bill Nygren & Mike Nicolas

In this episode of the Millennial Investing Podcast, Clay Finck interviews Bill Nygren and Mike Nicolas, portfolio managers at Oakmark Funds, about their investment process and their analysis of Fiserv. Bill and Mike discuss Oakmark's three investment criteria: a significant discount to long-term business value, growth matching or exceeding the S&P 500, and management aligned with long-term shareholder value. They delve into Fiserv's business lines, the impact of acquiring First Data, and the potential of Clover. The discussion covers Fiserv's valuation, comparing it to competitors like Square and PayPal, and addresses risks and growth opportunities. Additionally, they touch on their investments in companies like Alphabet and Facebook, highlighting how they apply value investing principles to these tech giants and their broader views on the financial sector.