It's a good time to buy cheap stocks in some sectors right now, according to Oakmark Funds' Bill Nygren. The top value-focused fund manager said what's "really unusual today" is how wide the spread is in price-to-earnings multiples.
" "So a company like Wells Fargo — around tangible book value, single digit P/E multiple with one of the strongest retail deposit franchises and moving well along the path of being out of the extra regulatory supervision that they've had — we think provides a tremendous opportunity for long-term investors," said Nygren. But, he said, that's not unique to Wells Fargo. He also likes Capital One , which he said is also trading at a single-digit P/E.