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By Greg Carlson | 06-18-2009 12:19 PM

Rare Opportunities for Long-Term Investors

Daniel O'Keefe, manager of Artisan International Value and Artisan Global Value, says he's finding great companies at very attractive prices.

Greg Carlson: Hi. My name is Greg Carlson. I'm a fund analyst with Morningstar. I'm here today with Dan O'Keefe, the manager of Artisan International Value ARTKX, and Artisan Global ARTGX. Dan, thanks for joining us today.

Dan O'Keefe: Thank you. It's a pleasure to be here.

Carlson: Now Dan, you and your co-manager, David Samra, run both funds. You and your team are value investors at heart, but you focused on the "quality" of a company than most value investors. Can you expand on that a little bit?

O'Keefe: Sure Greg. For us, the most important component of any investment that we look at is buying the business at the right price. So we look at the intrinsic value of the business, we buy the business at a price that allows us to generate a return as price and intrinsic value converge. But price isn't enough for us, we need to see other characteristics as well.

We look for higher quality businesses, businesses that have sustainable competitive advantages, businesses that we can understand. We look for financial strength, strong balance sheets, high free cash flow generation, and lastly we look for management teams who have the ability to manage the business effectively and drive shareholder value for us, ultimately, for us, the owners.

Carlson: Can you talk about a couple of holdings? Experian, I know, is a favorite for both funds.

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