You have to recognize our average holding period is six to 12 months, so whatever I say today, be aware that it may change.
We use both fundamental and technical factors when we buy something. We typically are looking for names where earnings are doing pretty well. Not overloved by the Street yet. Very
often pretty mediocre buy and sell ratings. Pretty middle-of-the-road. But stocks that are moving in the right direction -- the trend, the momentum, the money flow -- all are
Some of the names that have come up lately have been pretty surprising. We have a position in Gannett News and a position in the New York Times.
Look at Gannett the past couple of quarters. It's restructured, it's announced improving ad sales. The same with the New York Times.
There's going to be a big shakeout in traditional media. I think you could say there will be a handful of survivors. I have to assume the New York Times and Gannett will be among
them.NEXT: Ron Muhlenkamp