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By Christopher Davis | 05-29-2009 10:56 AM

Over the Waterfall, But Still Going South

FPA's Bob Rodriguez and Tom Atteberry say the worst may be over, but the long recovery is just under way.

Christopher Davis: Hello, I am Christopher Davis. I am a Fund Analyst at Morningstar. We are at the Morningstar Investment Conference with two of the fund industry's best managers. From First Pacific Advisors, we have Bob Rodriguez, the Manager of FPA New Income as well as FPA Capital and his co-Manager at FPA New Income, Tom Atteberry. So, thank you both for joining us here today.

Bob Rodriguez: Thank you.

Christopher: Well, as early as 2005 both of you were sounding alarm bells that there was going to be perhaps a credit crisis down the road. You were very worried about the housing boom spiraling out of control. Bob, you were here at the conference last year really ringing the alarms bells about the potential for crisis. And a lot of this scenario that you outlined has come to pass.

So now that some managers are saying we have heard it here today and I hear it from a lot of people I talk to that the worst is over, that we can go back to business as usual and to some extent I have a feeling you kind of just sent from that view I am feeling you do as well, so maybe can you explain what you see coming down the line in the future. Really is the worst over?

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