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Now is the perfect time to be thinking past the bear market, according to David Katz, the chief investment officer of Matrix Asset Advisors.
Katz told CNBC about two stocks he feels are correctly positioned for investors to thrive on.
"It's the exact worst time to be owning the company," he said of Monster Worldwide . "Cyclically, we're in a recession right now; we're in a jobs recession. [But] the stock is at a fire-sale price, so you're getting a great Internet business with wonderful global prospects...you've got to buy this company when it's down."
He's also enthusiastic about Walgreen.
"Walgreen is a best-in-class drugstore chain," he said. "[It's] not fun to own retailers right now, but you're really going to get paid for it if you have a 12- to 18-month time frame."
Katz, his family, and his firm own shares of Monster Worldwide and Walgreen.
To beat back the bears, Charles Norton goes with value.
The co-portfolio manager of the Vice Fund has found a couple of opportunities for investors among well-known but out-of-favor companies.
His first pick is Philip Morris International.
"Demand for cigarettes is global, and it's not economically sensitive," he told CNBC. "Philip Morris International (is) benefiting from a strong international operating environment; they have broad geographic diversification, with no U.S. exposure; they have a best-of-class management team."
Norton points to the company's stock-buyback program, totaling $13 billion over the next couple of years.
Among tobacco companies, Lorillard is also on his list.
On a different tack, he also likes Boeing, which has plunged more than 25 percent in the last seven weeks.
"With high fuel costs, investors have basically hit the panic button on anything related to aerospace," he said. "Boeing is trading as if 30 percent of its backlog is going to get canceled, and I think that's just too bearish...the worst-case scenario is already priced into the stock."
Disclosure information for Charles Norton was not immediately available.
Speciality insurance, global enterprise software, and dry bulk shipping offer some promising opportunities for investors, according to Jonathan Vyorst, senior vice president and portfolio manager of the five-star Paradigm Value Fund.
The fund is up an average of 17.78 percent per year over the last five years.
"We are in a bear market, so you have to invest cautiously, and be prepared for more downturns," Vyorst warned. "These are great picks over a long period, though."
Vyorst's first pick is American Financial Group.
"It's a great business," he said. "They have specialty markets that are less competitive, and it's as cheap as any stock that you'd want to have."
He also likes software producer Sybase.
"Sybase sells for 12 times free cash flow; it's a cash cow; they just did a Dutch tender offer, bought back ten percent of their shares," he explained. "Whether the market's good or bad, these guys are going to be generating a certain amount of annuity-like cash flow each year."
Also on his list is Horizon Lines, an American shipping company.
"The key to Horizon Lines is that it's a 'Jones Act shipper.'" he said. "The Jones Act limits certain lanes in the United States to American companies...so it's an oligopoly."
Vyorst warns that Horizon is being investigated by the Department of Justice for alleged price-fixing.
Legendary oilman Boone Pickens joined CNBC Tuesday to share his energy-market insights.
In a time of rising food prices, investors should have agricultural stocks in their portfolios, Victor Badin, fund manager at Global Cap, said.
And China Farm Equipment, Bunge and Myriya Agro Holdings are among the most attractive of the bunch, Badin said.
China Farm Equipment, which produces, designs and manufactures harvesters, diesel engines and ploughs, is based in the biggest grain production region of the country.
"Farms in China need to modernize, need to mechanize … and the government is pushing in a big way for more investments in farming," Badin said on "Worldwide Exchange."
David Lutz, managing director at Stifel Nicolaus, offered CNBC advice for investing in financials.
He dealt with Fannie Mae, Freddie Mac, Marshall & Ilsley, Wells Fargo, Bank of America and Wachovia . His verdict: they're all to be avoided.
BUT he did approve of two financial stocks:
Disclosure information was not immediately available for Lutz or his firm.
When the bears prowl Wall Street, lots of investors see misfortune. Jeff Auxier sees opportunity.
"We don't get these bear markets but every four or five years," the president and chief investment officer of Auxier Asset Management told CNBC. "It's a great opportunity."
"Instead of...focusing on the unknowables, right now is the time to focus on these great franchises," he declared.
He sees a special opportunity in companies with great franchises, companies whose stocks are priced out of the range of most investors when times are better.
Companies like payroll services firm Paychex.
"This stock has been trading over 30 times earnings, on average, over the last six years," he explained. "It earns 57 percent on invested capital, debt-free."
Auxier also likes supermarket operator Tesco.
"We like supermarkets because...they're taking share from the restaurants," he said. "People are eating (at) home, they're buying a lot of private-label, they're trading down...and Tesco is just one of the best in the world today."
Also on his list is beverage producer Dr. Pepper Snapple.
"They were spun out of Cadbury, and they've been re-energized," he explained.
Auxier owns shares of Paychex, Tesco, and Dr. Pepper Snapple through his fund.
So where should an investor's dollar go: large-cap stocks, mid-caps, or small-caps? How about all three? That's what Ken Kam advises.
His all-cap 4-star Marketocracy Masters 100 went up 7.62 percent in the second quarter, and it's up an average of 11.22 percent per year over the last three years.
"We don't make big best on anything," Kam told CNBC. "We like to have a diversified portfolio that can still outperform the market...we have 198 stocks right now, and that's on the low side."
So which of those 198 stocks occupies the largest space in Kam's portfolio?
"Right now, the single largest position, and probably the best performer for the last quarter is Elan," he said. "It's about 6- 1/2 percent of the portfolio."
He also likes Bank of America and MasterCard.
"We like that stock," he said of MasterCard. "It tends to get sold off when the financials sell off, but MasterCard is really not in the same industry...they get paid every time you use your card, but they do not have any credit risk."
Kam says it's important to have money in oil.
"The supply and demand for oil has been out of balance for the last four years, and we've seen the impact of that in the oil price," he explained. "The value of...oil reserves is increasing faster than the revenues and earnings for most of these companies, particularly Occidental (Petroleum), which is our favorite oil and gas stock. They have the prime leases in Libya."
For a long time, shares of casino gaming companies were best bets. Those days are over, but there's still money to be made in some selected stocks, according to Jake Fuller.
"If you look historically...gaming did hold up very well in the past couple of pullbacks," the Thomas Weisel Partners hospitality analyst told CNBC.
But things are different now. Gambling has proliferated, and riverboat casinos, Native American casinos, and horse tracks with slot machines have diluted the monopoly Atlantic City and Las Vegas once enjoyed.
"A bigger factor is, it's not just gambling any more," Fuller added. "Most of the big casino companies derive over half of their revenue from rooms, from restaurants, from retail, from entertainment, things that are more discretionary, more susceptible to the consumer pullback."
"The names we are recommending are, specifically, Ameristar and Pinnacle," he said. "They trade at lower valuations; revenue should be a little less cyclical."
Geography plays a role in the stocks Fuller thinks investors should avoid.
"The big-cap names, companies like Las Vegas Sands, MGM and Wynn, (have) a lot of exposure to markets like Las Vegas," he said. "Las Vegas, you're going to see a lot of downward pressure in the short term here."
Jon Hilsenrath, money and investing news editor at the The Wall Street Journal, offered CNBC his "5 for 5": the five stocks you must watch this week.
Alcoa: The mining giant kicks off earnings Tuesday -- but don't expect to see a boost from global commodities hunger.
"Aluminum prices have topped out," explains Hilsenrath, and the metal is "highly energy intensive to make."
General Electric: The corporate parent of CNBC reports later this week, amid the news that GE's NBC Universal unit will buy the Weather Channel .
"It's a good time to announce [anything] that will get investors excited," he says. With its 1-year performance down 30 percent, GE "can't afford to disappoint."
Marriott International: The hotelier chain reports second-quarter earnings before the bell Thursday. Hilsenrath cites a "classic hotel-sector cycle" with too many rooms put on the market -- and much talk of industry consolidation.
Hilsenrath also suggests keeping an eye on news publisher Washington Post Co. and video game maker Activision.
Disclosure information was not immediately available for Hilsenrath.
Note: Hilsenrath's "5 For 5/Five stocks to watch" are not intended as investment recommendations.