As traders run for canopy, this fund supervisor is shopping for power firms, buying malls and residential builders.

The normal recommendation from Wall Street as of late: keep defensive, be cautious. And retail traders appear to be heeding that, rejecting shares and bonds for money-market funds as a banking disaster additionally simmers.

But our name of the day is tearing a web page out of Warren Buffett outdated playbook — being grasping when others are fearful. “You should be more excited than depressed, because if there’s tumult, there will be winners and losers out of this,” says Cole Smead, chief government officer and portfolio supervisor at Smead Capital Management,…