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'Go Where the Crisis Is -- Europe' to Buy Stocks

Old Mutual PLC (U.K.)

Company Profile: Old Mutual, founded in 1845, is an asset-management firm and life-insurance company. Old Mutual offers long-term savings for retirement, asset management in the U.S., banking in South Africa and short-term insurance.

Current Share Price: 115.80 British pounds (Sept. 16)

Marcus' Take: Marcus calls Old Mutual a "classic restructuring story," something that plays perfectly into his investment style. Chief executive Julian Roberts took over the company shortly after Lehman Brothers failed in 2008 and has been working to fix the company. Of his recent moves, Old Mutual sold its U.S. life business to hedge fund Harbinger Capital for $350 million.

"It has been undermanaged for 20 years," Marcus says of Old Mutual. "The CEO has slowly been going through each and every business line, restructuring it, changing the people, increasing the margins, refocusing on how they do business. That move to slowly but surely restructure the business is something we like."


Fiat Industrial SpA (Italy)

Company Profile: Fiat Industrial is the Italian maker of trucks, tractors and other commercial vehicles. The company was spun off from carmaker Fiat SpA at the beginning of 2011.

Current Share Price: 6.26 euros (Sept. 16)

Marcus' Take: Marcus likes Fiat Industrial as the company sells into both emerging markets and developed markets, giving him strong cross-section exposure. However, Fiat saw that they weren't getting value out of the business, which is why it was spun off from the auto unit earlier this year.

"It's truly the industrial unit, and no one is focused on it," Marcus says. "It's a restructuring case. It's a global player. No one wants to look at these companies, which is the perfect time to look at them."
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