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Barron's interviews Legg Mason (LM) value investors Harry Cohen and Scott Glasser, whose Legg Mason Partners Appreciation outdid the S&P 500 by nine points over the past year, despite losing 0.69%.<!---->

They say the time to get bearish was a year ago -- now it's time to be cautious. Financials will not bottom until investors "start thinking in terms of absolute losses and really get scared." Energy, industrials, agriculture and materials - not financials - will lead the market higher, although it doesn't seem to have bottomed yet.

Jeffries’ managing director Paul Fremont loves dirty coal. On May 6, he recommended which energy stock?

Recommendations:

Dynegy (DYN), NRG Energy (NRG),  Allegheny Energy (AYE).

Disclosure: At time of publication, William Trent has no financial position in the companies mentioned in this article.