Talking Panic Buying With Joe Feshbach

Hedge fund manager Joe Feshbach looks for value in crisis. The manager of Joe Feshbach Partners seeks out companies that are in trouble, anything from accounting scandals to criminal investigations to management turmoil. In short, Feshbach likes to buy when everyone is selling. In an interview with TheStreet.com, he describes his contrarian style and some of his picks. As always, the positions mentioned are subject to change without notice.

Your portfolio is very concentrated. Why?

Joe Feshbach: Concentrated investing has been advocated and practiced by many legends of the equity markets, including Warren Buffett, Carl Icahn, Joel Greenblatt and others since time immemorial. We hold six positions today, because we believe that by investing very selectively in very few situations where we have developed specialized expertise, we can significantly outperform over a three- to five-year horizon. By diversifying beyond 10 stocks, academics have demonstrated that it is highly likely that your returns will closely mirror the market. ...