Are Investors Suffering from “Irrational Pessimism”?

Marty Whitman, who’s been in the investment management business for 50 years and manages the Third Avenue Value fund, tells The Wall Street Journal that fear — not fundamentals — is driving this market. Whitman sees fantastic opportunities in high-yield bonds and in stocks of companies with strong balance sheets that don’t require access to the capital markets. See the WSJ article.