Summer Internship – Value Investing Research Assistant
Harris Associates, adviser to the Oakmark Funds
We are value investors. In constructing portfolios for our clients, we seek out companies that we believe are trading in the market at significant discounts to their underlying value. We believe in the importance of intensive, fundamental research. Our Research team evaluates companies on the basis of their fundamental characteristics and we do that based on a disciplined screening process. At Harris Associates, we are just as focused on our clients as we are our investment philosophy. We’re proud of our client service and our long-term investment results.
We are looking for sophomore and junior college students with a clear focus – those who are passionate about value investing. These ideal candidates are bargain-shoppers by nature, and now they want to bargain shop for companies. These candidates are well-aware that investing is not the same as speculating or trading, because a stock is ownership in a business. These candidates have read Buffett and Graham and know how to find a 10-K. They took an accounting class, because they know accounting is the language of investing. Numbers come easily to these candidates, and they know their way around an Excel spreadsheet.
However, a single-minded focus on investing is not necessarily ideal. We welcome liberal arts candidates, and value the creativity of thought that comes with diverse majors and concentrations. These candidates are the type of people that score high on tests – in every subject. Most importantly, they are creative and original thinkers who are not afraid to defend unpopular views.
We are looking for one of these candidates to join our Research Department as a Summer Intern (Summer 2021). This intern will collaborate with our Analysts and Portfolio Managers in the investment process and will be responsible for helping Analysts follow existing investments and assist in generating new ideas. At the beginning of the summer, this will entail building valuation models and other related analysis in Excel, mixed with some qualitative, company-specific projects. We do, however, pride ourselves on being a meritocracy, and high-quality work will lead to more responsibility.
We view our internship program as so valuable that we hosted 6 full-time in-person interns in the summer of 2020 while most firms were only offering virtual programs. Many of the senior leaders of our firm began as interns here.
1. Your résumé
2. An essay explaining which stock you would rather buy today: Carlisle Cos., Inc. (CSL) or Constellation Brands, Inc. (STZ) (no more than one page)
3. An essay explaining why you are a good fit for Harris Associates (no more than one page)
About Harris Associates:
Harris Associates L.P. was founded in 1976 by dedicated investment professionals who believed that delivering successful investment results for clients requires a consistent investment philosophy, a commitment to superior investment research and a high level of customer service. Our roster of clients has grown over the years, but these basic beliefs remain unchanged.
Assets under management at Harris Associates totaled approximately $86 billion as of June 30, 2020. Our team in Chicago includes 37 investment professionals and 204 total employees.
We believe in the importance of intensive, fundamental research. We are independent thinkers who do not look to Wall Street for our answers. Our experienced investment analysts evaluate each company on the basis of its fundamental characteristics. Our research process is based on a disciplined quantitative and qualitative screening process. These businesses we research must offer significant profit potential and be run by managers who think and act as owners. We frame the investment process as owning a piece of a business for the long term. The investment opportunities that make it through this rigorous process are then used to build portfolios for our clients, one investment at a time.
Equal Employment Opportunity Policy Statement:
At Harris Associates L.P. we are committed to providing an inclusive environment of mutual respect and fairness where equal employment opportunities are available to all qualified applicants and employees. We base our employment decisions on merit, experience, potential, and business need. We are proud to be an Equal Employment Opportunity Employer.