In an interview with CNBC earlier this month, Oakmark CIO Bill Nygren described what he sees at two different markets at work.

“There’s a speculative part of the market,” that he said includes “the Reddit trades, the SPACs, and high-flying tech names.” Nygren described the other part of the market as “boring, which is where we live” including “financials under 10-times earnings, oil companies with good free cash flow and good growth, and other businesses at low teens multiples that bear no resemblance at all to what’s going on in the rest of the market.”

Nygren cited a quote from George Soros: “If you’re finding your investing entertaining and fun, then you’re probably not making much money.” He highlighted Oakmark’s focus on long-term investing, adding “Good investing is boring, and what we do at Oakmark is about as boring as it gets.”

Citing growth over the last four years in the Russell Growth index (up 150%) and Russell Value index (up 50%), Nygren argued that there is room for a pullback on the growth side that “wouldn’t need to bring down the rest of the market.”

When asked about Oakmark’s holdings in Facebook, a FAANG stock, Nyrgren quipped, “it’s the most boring of the FAANG names” and added that, after adjusting for the company’s assets that hold value but are not earning money today, “we’re probably paying a mid-teens multiple for the Facebook and Instagram businesses that produce all of the earnings for Facebook.”