Five-star fund manager Barry James is known for his bearish views. He's correctly predicted bear markets.
His Golden Rainbow fund is up more than 11 percent per year over the last five years.
He's not bearish now -- not, at least, near-term.
"We think we're at an inflection point right now," the president and portfolio manager of James Advantage Funds told CNBC. "I'm bearish a lot of times when the Street is pretty bullish, but right now, we're pretty bullish on the next couple of months."
What looks good?
"Non-cyclicals should do well, overall, in a recessionary environment," he said. "They haven't done much so far this year."
He's talking especially about McDonald's and Archer Daniels.
"The techs have been so beaten down, there's some real opportunities," he also said. "You look at Hewlett Packard, or Seagate, or Lockheed Martin, I think there's some real opportunities there. The techs are really selling cheap."