Longtime value investor Bill Nygren finds cheap stocks outside 'Mag 7'

Bill Nygren, portfolio manager at Oakmark Funds since the 1980s, said Tuesday that investors should look outside of the S & P 500 for opportunities, as it has effectively become a megacap tech fund. The longtime value investor said he is picking up hidden gems outside the dominant technology sector, prioritizing strong companies with single-digit price-to-earnings multiples. The S & P 500 has recently rallied to record highs, powered by a handful of megacap tech stocks, from Nvidia to Alphabet . Nygren said he likes retirement services firm Corebridge Financial , which has a robust buyback program. "It's a competitive space, but we're not arguing it's worth 20 times earnings," he said on CNBC's " Closing Bell ." "It's at five times earnings today and they're putting most of their capital i