Oakmark Fund manager Bill Nygren seems to think China’s economy will rebound soonest: Nygren is keeping half of his funds’ equity holdings in companies with a large presence in China.

Nygren also favors companies that have a stockpile of cash on hand.

"The balance sheet is just as important as the price-to-earnings ratio," he told The Street.

"A big piece of a company's value is excess cash, and if you're looking strictly at price earnings ratio, you're missing that."

Nygren says companies must meet three conditions before he’ll buy their common stock.

They must have very strong financials, the stock must be available at an attractive price, and the company must show it can increase its net asset value by double digits in the next five years.

The growth criterion is where China comes in.

"The times value can have the most value is when everyone else is wondering if we'll ever get back to normal," Nygren says.

Former AIG head Hank Greenberg also thinks China’s a buy.

“In China, I think there are some opportunities in healthcare, environmental, financial services and infrastructure,” Greenberg told Forbes.

Greenberg believes there will be opportunities in the U.S. as well down the line.

“I think ultimately real estate is going to be an opportunity,” he says, adding that healthcare may also present investment opportunities.

“We'll (also) carve out a sector, or several sectors in insurance.”