Need to Know: As investors run for cover, this fund manager is buying energy companies, shopping malls and home builders.

The standard advice from Wall Street these days: stay defensive, be wary. And retail investors seem to be heeding that, rejecting stocks and bonds for money-market funds as a banking crisis also simmers.

But our call of the day is tearing a page out of Warren Buffett old playbook — being greedy 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 executive officer and portfolio manager at Smead Capital Management,…