WHITNEY TILSON, investor, on avoiding financials

Whitney Tilson, founder of T2Partners and noted value investor, says for virtually any stock that has exposure to the unfolding credit crunch and particularly the U.S. housing market, "we're still in the third or fourth inning; not the eighth or ninth inning", which is when you'd want to start bottom fishing. Even though fundamentals, especially for some sectors, haven't been that bad, investor sentiment is so bearish that it is hard to make money in these markets. Mr Tilson writes a regular column for the Financial Times.