Ronald Muhlenkamp, portfolio manager of the Muhlenkamp fund (MUHLX), believes a 5% savings rate by American consumers will "become the new norm," as opposed to the zero savings rate a year ago, and he says investors need to find the areas the public is shifting to in this new age of thrift. "They aren't buying cars, but they are buying tires" for their old ones, he says. So Muhlenkamp bought Goodyear Tire & Rubber (GT) in April at 7. The stock is at 12-plus, but he would hold at this level.

His clients are "understandably concerned" about the financial future, but Eric Fischman, portfolio manager of MFS Growth Fund (MFEGX), with $1.7 billion in assets, says he believes "the huge downside is out of the way." While he isn't expecting high growth ahead, he is focusing on companies with the capacity for growing earnings. His strategy is to identify "long-term winners based on industry growth." His favorites include Google (GOOG) and Cisco Systems (CSCO), because the Internet will continue to grow, as will demand for bandwidth, he says.

His clients are "understandably concerned" about the financial future, but Eric Fischman, portfolio manager of MFS Growth Fund (MFEGX), with $1.7 billion in assets, says he believes "the huge downside is out of the way." While he isn't expecting high growth ahead, he is focusing on companies with the capacity for growing earnings. His strategy is to identify "long-term winners based on industry growth." His favorites include Google (GOOG) and Cisco Systems (CSCO), because the Internet will continue to grow, as will demand for bandwidth, he says.

His clients are "understandably concerned" about the financial future, but Eric Fischman, portfolio manager of MFS Growth Fund (MFEGX), with $1.7 billion in assets, says he believes "the huge downside is out of the way." While he isn't expecting high growth ahead, he is focusing on companies with the capacity for growing earnings. His strategy is to identify "long-term winners based on industry growth." His favorites include Google (GOOG) and Cisco Systems (CSCO), because the Internet will continue to grow, as will demand for bandwidth, he says.

Fischman is also a fan of high-flying smartphones, and cites Apple (AAPL) as a leader.

"We are more psychiatrists than economists to our clients" these days, says Russell Croft, portfolio manager of the Croft Value Fund (CLVFX). He is trying to calm his investors, who are understandably "gun-shy" about deploying assets in the wake of the financial debacle. That calls for a conservative stance, he says. As a hedge against future inflation -- a worry of many investors due to the spending deluge in Washington -- he is stocking up in the energy, copper and natural-gas sectors, with names like Foster Wheeler (FWLT) and Freeport-McMoRan Copper & Gold (FCX).

"We are more psychiatrists than economists to our clients" these days, says Russell Croft, portfolio manager of the Croft Value Fund (CLVFX). He is trying to calm his investors, who are understandably "gun-shy" about deploying assets in the wake of the financial debacle. That calls for a conservative stance, he says. As a hedge against future inflation -- a worry of many investors due to the spending deluge in Washington -- he is stocking up in the energy, copper and natural-gas sectors, with names like Foster Wheeler (FWLT) and Freeport-McMoRan Copper & Gold (FCX).

He also likes Plum Creek Timber (PCL), a real-estate investment trust. "It has a good dividend and a good management team, and timber land values" are attractive, says Croft.