Ask Christian Andreach about stocks, and he'll quickly answer that his firm of Manning and Napier Advisors does not try to gauge short-term price movements in the markets...this, on a day when the Dow Jones Industrials gave up more than 200 points before lunch.
Andreach takes the broad view, and the first of his criteria is valuation.
"What we're doing is looking for opportunities where a company's competitive position is being permanently advantaged," he told CNBC. "That is, we're seeing capacity exit certain industries, and that capacity isn't going to come back."
So what companies has he found?
"I'd point to the transports, and FedEx and UPS," he said. "The next couple of quarters are going to be difficult for these companies, but you've had DHL exit the business, you've had the U.S. Postal Service look to cut capacity; on the other side of this recession, you're going to see these firms come out with a much stronger competitive position, and much greater earnings power."