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Bigger Fish on Sale in the Recession

Morningstar 2008 Manager of the Year Charlie Dreifus discusses going up the market-cap ladder for three picks during the severe market downturn.

Bigger Fish on Sale in the Recession
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John Coumarianos: As many good value investors know, you find most of those anomalies, those mispricings, those inefficiencies, in the small-cap area of the market. You've certainly dedicated most of your career to small-cap stocks. But very recently, you have picked up some larger names, with the market carnage earlier this year. I think Cintas was one, Tiffany, and Bed Bath & Beyond. Could you speak about one of those and what you found attractive?

Charles Dreifus: Well, all of them, particularly Bed Bath & Beyond and Tiffany, are names that are pretty much household names. Cintas, if you go to a supermarket or someplace, you often see their trucks in front because they're putting in the new replacement carpets and so forth.

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John Coumarianos has a position in the following securities mentioned above: RYSEX. Find out about Morningstar’s editorial policies.