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Credit Crunch Portfolio Defense


The uncertainty of the credit crunch even has eternal optimists on the defensive about financials. People like Mike Stanfield, chief executive of Kansas City-based VSR Financial.

In an interview with CNBC, Stanfield characterized his standard optimism: "I still leave the porch light on for Jimmy Hoffa. ...But I think this is the time to be defensive."

Still, he makes an exception for the money-center banks.


"We think the money-center banks have already seen their lows, and we would be buyers of the...banks like Wachovia or Wells Fargo on further weakness," he said.

And he doesn't plan to stay on the defensive for long.

"I do think we've seen the worst on the financials, and I do think the news will get better here," he said. "We see the possibility for a rally in the second half of the year, if the recession turns out to be a mild one."

  • Learn more: Watch the entire interview (5 mins, 33 secs)


Disclosure information for Stanfield was not immediately available.


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