NEW YORK (TheStreet) -- Pat Becker Jr., president of Becker Capital Management, is looking for value. He told TheStreet's Joe Deaux that even if we do get good economic data, the thought of tapering by the Federal Reserve shouldn't hurt stock prices.
His rationale is simple: There are too many pension funds and investors just getting involved in the market, supporting higher and higher prices.
He likes Plum Creek Timber Company (PCL) for its growth and value. The company is the largest timber owner in the United States and pays a 4% dividend yield.
Becker said the stock got hit earlier in the year when interest rates spiked, but provided an interesting perspective. When interest rates go higher, it generally means the economy is recovering, and thus, the housing market is recovering. Ultimately, it should lead to higher timber prices, he suggested.
Another pick is Howard Hughes Corp. (HHC), which is relatively unknown to most investors, he said. The company is one of the largest land owners in Las Vegas and Hawaii, while only trading at two times book value.
Most homebuilders trade at three times book value, Becker said, and because of its valuable assets HHC should continue to go higher.
He concluded that the holiday season does not impact upon his investment philosophy, which is for the long term and can go out as far as five years.
-- Written by Bret Kenwell in Petoskey, Mich.