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Over the last 70 years, value stocks clocked a 13.4% average annual return, vs. 10.2% for growth stocks, according to Ibbotson Associates.

Leon Cooperman

Hedge-fund manager Leon Cooperman said Tuesday that most of the damage from the credit crisis has already been inflicted on the stock market. Cooperman, the manager Omega Advisors Inc. who's been trading for more than 40 years, said the current financial markets are the most difficult he's ever seen. Still, he said, signs of a bottom in the equity market are beginning to form.  "The bulk of the damage is done," Cooperman said during a speech at the Value Investing Congress in New York.

Despite recent concerns facing Wall Street, some investors are saying opportunity remains, with Leon Cooperman, Omega Advisors Chmn. & CEO and CNBC's Maria Bartiromo

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Fortune asked 13 money managers (John Neff, Leon Cooperman, Michael Steinhardt etc) about the current downturn, and what they're buying (or not buying) now.

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