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Stock Strategist

Invest Like the Best in 2008

All-star investment managers believe now is the time to buy.

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Although our all-star fund managers found themselves against the ropes with the rest of the investment community at the close of 2007, you wouldn't know it from reading their shareholder letters.

Warren Buffett's advice to "be greedy when others are fearful" has become an investment clich�, but the 16 fund managers on our list have taken it to heart. Mason Hawkins and Staley Cates at  Longleaf Partners (LLPFX) see "tremendous opportunity" in the markets, while Christopher and William Browne at  Tweedy, Browne Value Fund (TWEBX) believe that "more attractive valuations" are forthcoming. Mario Gabelli of  Gabelli Asset (GABAX) believes "the most profitable investment opportunities come with blood in the streets." With  Bear Stearns (BSC) losing more than 90% of its market value in only a few days, there is certainly blood in the streets, but we think our expanding roster of 5-star stocks is evidence that this storm is set to help more than a few investment flowers bloom. The following table lists the fund managers whose holdings we surveyed at the end of 2007.

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Jim Sinegal has a position in the following securities mentioned above: BRK.B, AIG. Find out about Morningstar’s editorial policies.