Harris Associates was founded in 1976 by Victor Morgenstern,[3] Myron Szold, Roger Brown, Ralph Wanger,[4] Joe Braucher, Peter Foreman, Ed Neisser and Earl Rusnak, who had previously worked in the private investment office of Chicago entrepreneur Irving Harris.
The intrinsic value is based on a discounted cash flow analysis that takes into account the quality of management and the company's ability to grow.
[5] According to research by Morningstar in April 2013 which analyzed the performance of the seven Oakmark funds over a five-year period, four were ranked in at least the top 2% in their relevant categories.
[9] The suit previously had been thrown out by the United States Court of Appeals for the Seventh Circuit in 2008, with a judge who is a noted free-market backer, Richard Posner arguing that sometimes marketplaces need to be reined in.
[10][11] In March 2010, the Supreme Court unanimously vacated the Seventh Circuit's ruling and remanded the case.