Don't Give Up, Buy Carefully

The Wall Street Journal asked six celebrated mutual-fund managers, who have mostly beaten the Standard and Poor's 500-stock index for 10 years, what they are doing to weather the storm and prepare for an eventual rebound.

These managers -- from the growth-oriented Tom Marsico to value maven Wally Weitz -- are mostly sticking with what they know, adding to positions they already own at cheap prices.

"When you've owned a company like Liberty Media for 15 years, and you can talk to management about what's real and what's not, it's a lot easier in a crisis to buy," says Mr. Weitz, whose Weitz Value fund has gained 3.1% a year for the past decade, far outpacing the annualized loss of 0.2% on the S&P 500.

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