Barron's

Pictured is Cole Smead, whose international value fund returned 48% over the past year, putting it in the top 1% of its category, all without owning a single tech stock.

His approach is to “wait until manias die, then dig through the dead bodies.” Today that means Canadian oil-sands producers like Strathcona and Cenovus, which he sees as undervalued now that the industry favors buybacks over growth.