It's quite easy today to find a diversified portfolio trading at low-teens multiples: Bill Nygren

• Nygren observes investor behavior in the current AI boom reminiscent of prior market peaks, characterized by a 'lack of fear of risk' and 'easy money' being made.
• He highlights concerns about the concentration of major indices like the S&P 500 and Russell Value in a few large-cap tech companies, which deviates from their historical diversification.
• Oakmark Funds is finding value in diversified portfolios with low price-to-earnings (P/E) multiples, specifically in sectors such as financials, healthcare, and certain software companies that have seen recent pullbacks.

Bill Nygren of Harris Oakmark Funds expresses caution regarding current market behavior, drawing parallels to the dot-com bubble due to a 'lack of fear of risk' and 'easy money' in the AI trade. While acknowledging the fundamental strength of some large tech companies, he notes their high valuations and the concentrated nature of major indices. He recommends seeking opportunities in diversified portfolios with low P/E multiples, particularly in financials, healthcare, and some software companies that have been overlooked.