A lot of people think Netflix and Facebook are overvalued growth stocks, but not longtime value investor Bill Nygren.

Nygren said Thursday he thinks investors could be missing out on two big value plays if they just look at their price-to-earnings multiples, which are widely followed measures of stock valuations.

“You hear people talk about excessive valuations on the FANG stocks. We’re value managers and we own Facebook. Facebook, on next year’s earnings estimates, is barely at a market multiple,” Oakmark’s Nygren told CNBC’s “Halftime Report.”

“We (also) own Netflix. Netflix is adding 20 million subscribers this year that we believe are worth $1,000 per subscriber,” Nygren added. “If you think about the market cap relative to the value that they’re adding, it’s about 11 times. So to us, the argument of it being 200 times earnings or some silly number like that just shows how bad the accounting is; it doesn’t show that the stock’s overvalued.”

Netflix is one of the best-performing stocks this year, having risen 91 percent in 2018. Facebook, meanwhile, is up nearly 20 percent year to date. Both stocks are outperforming the S&P 500 for the year, which is up 5.1 percent.