Oakmark Fund manager Bill Nygren sees big opportunities in stocks. That's why he has put 94 percent of his portfolio in them.

Part of what makes prospects for the future so exciting is that the losses stocks have suffered in the last year create an entry level today that is very attractive, relative to most historical entry levels, Nygren told Business Week.

"We think it's quite likely that returns for assuming risk will be historically large."

Nygren notes that many investors make the mistake of defining a value stock by its business characteristics, while he defines it solely by price.

"When Apple was trading at $200 and (earning) $5 a share, you needed to believe they were going to achieve extremely high growth rates (in earnings) to justify an entry point," he says.

But at less than 80 a share, with $6 projected earnings, the stock's multiple was in the single-digits, making an Apple purchase another tale.

"Some investors were dismissing Apple as a fad consumer products business, which is the mistake we made when the iPod first came out," says Nygren, who manages a $3 billion portfolio.

Apple sold more than 1 million units of its next-generation iPhone 3G S on its first weekend of sales, defying those who had predicted it wouldn't reach the levels attained during its predecessor's launch, the Wall Street Journal reports.

The iPhone’s "momentum is stronger than ever," Apple Chief Executive Steve Jobs said in the company's press release.

Jobs is expected to return to work later this month after a secret liver transplant operation.