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Osterweis' REIT Pick, Plus the Case for Valeant and Oracle

Valuations are not compelling for the market as a whole, but selectively there are some real bargains, says manager John Osterweis. He makes the case for three portfolio holdings, including REIT Newcastle.

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Dan Culloton: Recognizing, of course, that while you're macro aware, that you're a bottom-up stock picker, you look at the portfolio, and reflecting on what you just said, it doesn't hold a lot of cash, probably the least amount of cash that's held in recent memory. But yet the portfolio is still very selective. So it's not like you're finding a wide range of opportunities out there. It's still a very focused portfolio. You don't seem to add or subtract a lot of holdings between quarters. So is it safe to assume that, while you think valuations are OK, there not a lot of screaming bargains out there?

John Osterweis: I think, in general, valuations are OK; on a gross basis they are not compelling for the market as a whole, but selectively there are some real bargains. When we find them, we move them into the portfolio.

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Dan Culloton does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.