Investors can't sit on stock or bond index funds this year and expect to make money, Highland Capital co-founder Mark Okada said Friday in a CNBC interview.
"You got to work hard in these markets. The market has been all over the place," Okada said in a "Squawk Box" interview. "You have to be an active trader."
Forget the old adage "sell in May and go away," he continued, the new market mantra should be "sell in May and trade away."
Wall Street is hoping to avoid the third-stright triple-digit loss for the Dow Jones Industrial Average—after stocks sank for a second day as the 10-year Treasury yield fell below the key 2.50 percent level.
At the start of the year, Okada—and most market-watchers—had predicted bond yields were going to go higher as the Federal Reserve continued tapering its asset purchases, which have been reduced in four, $10 billion moves to a pace of $45 billion a month.