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By Dan Culloton | 05-27-2009 12:46 PM

Financial Rally: Too Far Too Soon?

Selected, Davis, and Clipper fund manager Christopher Davis says some financials may trade down in the near term, but still look compelling over a longer-term horizon.

Dan Culloton: Hello. I am Dan Culloton, associate director of fund analysis with Morningstar, and I'm here today with Chris Davis, who is portfolio manager of some very prominent large blend funds, including Selected American Shares SLASX, Davis New York Venture NYVCX, and the much more concentrated Clipper Fund CFIMX. Thank you for being here today Chris.

Chris Davis: Sure, Dan. It's good to be here.

Dan: Your firm and your funds are known for investing in financials. In the last three months we've had a very sharp rally in financials. We've seen some of the stocks in your portfolio, American Express AXP, Goldman-Sacks GSP, Wells Fargo WFC increase by 50% to 100% in some cases. Have we gone too far too soon? What has this done to the valuation of these stocks in the financial sector in general?

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