Name: David Winters
Title: Manager, Wintergreen Fund
David Winters spent Monday talking with a friend about how cheap stocks had become. As the Dow swooned, Winters thought the market was as tempting as it was in 1974. "People are just running for exits," says Winters.
A longtime value investor, Winters tries to buy companies trading for less than he thinks they are worth. A big selling spree like the one we saw earlier this week is just what Winters needs. He says his Wintergreen Fund added to its stake in energy and consumer staples. He declined to name specific companies, but he likely added to his positions in Canadian Natural Resources, British American Tobacco and Nestle.
"Our attitude is, this is what we've been waiting for," Winters says of the last week's selloff, which punished nearly every company. The market can still careen lower, he warns, but Winters calls this a "great time to be an investor."