David Carr and Larry Coats address what ishappening in the market, how the their fund is positioned, and how they are responding to these events.

I know some of the readership had at onetime, invested in Realogy. Here is a potential merger arbitrage situation envolving them.

Jeff Auxier, the manager of the value-orientated Auxier Focus Fund, has a simple focus: "Buy quality at prices that don't have premiums."

Pat Dorsey, Director of Equity Research at Morningstar, reports on Apollo Group (APOL) (parent company of University of Phoenix). In addition to the big hit shares have already taken in the recent weeks, Apollo's CFO has resigned amidst an options scandal and they have also been slapped with a class action lawsuit. With operating margins in the 30s, a FCF/Sales ratio of over 20% and the stock currently trading at around 12 times free cash flow, I think this rock solid business has an opportunity to become an even bigger bargain.