In a recent interview with CNBC, Oakmark’s Bill Nygren discusses the recent market selloff and identifies areas of opportunity for investors.

Nygren notes that the recent market selloff related to the coronavirus pandemic bears more of a resemblance to the bear markets of the late 1980s and the internet bubble of the early 2000s than it does to the financial crisis of 2008-2009. He adds, “It’s hard to argue that the S&P 500 is undervalued when it’s selling at a high-teens multiple of expected earnings.”

Regarding where investors can find value in today’s market, Nygren says the “beaten down” stocks offer opportunity: “As the news on COVID gets better and you can see a path out of the recession we’re in, some of the worst performers in the first quarter have been the best performers since the bottom.”