The bears are coming out of the woods, after a long season of Wall Street gains. Doug Cliggott of Dover Management is among them -- but he sees nuclear power as a safe haven.
Cliggott thinks the fiscal stimulus program will help business conditions, but not enough.
"It's going to increase the budget deficit a lot," he told CNBC. "Believe it or not, big budget deficits tend to be associated with good earnings growth, and so it's going to dampen this decline in earnings, but we don't think it will stop it."
So what's an investor to do, in a climate like this one?
"We think global inflation is going to be here for quite a while," he said. "We'd buy oil drillers for oil; we'd buy farm equipment for commodities; we'd buy mining equipment for metals."
Nuclear power is a big element of Cliggott's strategy.
"Fossil-fuel prices, they're not going to be cheap any more," he explained.
Getting specific, he recommended the shares of existing nuclear-power entities.
" Exelon, Dominion, Entergy, electric utilities that are already out there, that have a far-above-average nuclear capacity," he said.
Disclosure information for Cliggott was not immediately available.