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By Jason Stipp | 06-23-2010 04:09 PM

Marcus: A Perfect Time for Deep-Value Investors

Evermore's David Marcus, formerly of Mutual Series, says companies are using the European crisis to transform their businesses even faster to gear for the next phase of growth.

Jason Stipp: I'm Jason Stipp for Morningstar. We're reporting from the 2010 Morningstar Investment Conference. And I am here with David Marcus. He is formerly of Mutual Series and he started some new funds at Evermore: Evermore Global Value Fund and Evermore European Value Fund.

He started these funds in December 2009. He is here to tell us a little bit about his experience in running those funds so far and also what he is seeing out there in the market today.

Thanks so much for joining me David.

David Marcus: Thank you.

Stipp: December 2009 to start two funds, the European Fund and the Global Value Fund. It seems like an auspicious time. What's been your experience in the last six months in running these funds from scratch?

Marcus: Well, we think it's actually an excellent time to be starting. History has proven over and over and over that you really get your best opportunities in the midst of a crisis, in the midst of the period of time where there is a lot of stress, strain, and uncertainty. And we have an abundance of that out in the marketplace today. So in building the funds and launching them, we think it's really a great time because there are so many dislocations globally with so much uncertainty creating significant value.

Stipp: And you are a bottom-up stock-picker. So you're obviously looking at macro trends, but you are also looking and very much focused on the individual company level. So given what you've seen in the market activity and the fundamentals of companies, would you say that the sell-offs that we've seen, especially overseas, has been overdone? Does it seem like the values are much better now? Or is it maybe we're back to reasonable valuations after the run-up that we had seen prior to this year?

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