John Bollinger chides "fat, dumb and happy" investors for their complacency leading up to Tuesday's market quake -- but says quick thinking can salvage opportunity from the correction.
The president of Bollinger Capital Management appeared on "Closing Bell," where he said investors weren't hedging their portfolios defensively as they should've been -- and that there's "no excuse" for that failing, "given today's tools." However, he believes that the Chinese market drop was merely a "one-off event," which will create only a short-term decline. And he urges investors to "take out their shopping lists" and scoop up all the stocks they'd been coveting when the shares were at higher prices.
Bollinger was joined by Binky Chadha, chief U.S. macro equity strategist at Deutsche Bank. Chadha told CNBC's Maria Bartiromo that his team remains "basically bullish" on U.S. equities, despite the "temporary spike in the VIX [Chicago Board Options Exchange's Volatility Index]." He noted that spikes tend to last a mere two-and-a-half to three weeks. A key piece of data he'll be watching: the U.S. payrolls report next Friday.