Value fund manager Whitney Tilson, who has a solid long-term track record but has struggled over the past month, recently talked with CNBC about how to handle short-term losses. Tilson says that as long as he still has strong conviction in his picks, he’ll use short-term declines as opportunities to add to those positions, which he says he’s been doing recently. “A bumpy ride in the short term is fine for us as long as we make very nice money in the long term,” he says. He says he thinks stocks — particularly U.S. stocks — look “pretty cheap” right now, and says he’d be surprised to see a major market correction. Tilson also talks about some of his favorite picks, including financials like Citigroup and Goldman Sachs.