It's becoming more difficult to find companies trading at a discounted value, but there are still deals to be found, said Mark Travis, 5-star fund manager and CEO at Intrepid Capital Fund.
"My preference is always to be as high in the capital structure as I can to earn as high a risk-adjusted return as I can," he said.
"I'm always hopeful that the crack team of analysts I work with will uncover something that no one else has been able to discover."
Despite this optimism, Travis said he's approaching the market much more defensively than at the start of the year.
Affiliated Computer Services
More Market Intelligence:
CNBC Data Pages:
CNBC's Companies in the News
- Occidental to Buy Phibro From Citigroup
Bank of America
- Labor Group Asks Pay Czar to Stop BofA CEO Pension
Travis and his family own shares of the stocks mentioned above.