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Consumer Discretionary Survivors Well-Positioned

The stronger competitors who made it through the downturn now have a more open field and better operations, says Artisan Mid Cap manager Andy Stephens.

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Greg Carlson: Another area you've been interested in lately is consumer-oriented stocks, what some label consumer discretionary. Can you talk a little bit more about that? I think that's interesting, because a lot of people have fairly morose, if you will, predictions for consumer spending in the near future.

Andrew Stephens: Consumer spending aside, and that is a big part of the equation, but it's not the entire picture. The way we think about it, what's really interesting is for years we were underweight the consumer thinking that the consumer was spent up and the enterprise was pent up.

Greg Carlson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.