In addition, Okada sees "dislocation" in the fixed income space. In such a situation, individual muni bonds can be a "great buy" when supported by underlying economic strength in local areas like Texas. However, it can be difficult for retail investors to have the needed perspective to make the right choices in the muni market, so putting money with an active manager could help.
Long-term, Okada is positive on the economy, but he called expectations of a calm market response to the start of the Federal Reserve's tapering of easy money a "fairy tale."
Jason Trennert, chief investment strategist at Strategas Research Partners, agreed that the markets will have a difficult reaction to the Fed's tapering. However, he told CNBC, the subsequent rise in interest rates isn't a big concern because it signals that growth is likely for corporate revenues and the broader economy.
(Related: Cramer: 'Giant reset' looming for markets)
Trennert expects multiple expansion as well as earnings growth, while money also flows into stocks as investors start to increasingly focus on duration and inflation risk in bonds. Investors are "taking an awful lot of risk to lend the government money—even at 2.8 percent—for 10 years. Let's be careful here."
He suggests that investors look into individual bank stocks, including regional banks, because they'll be increasingly focused on their core business of consumer lending in coming quarters. He also said that he likes muni bonds "in general," although he suggests staying away from troubled spots like Detroit, where there is heightened uncertainty.