Charles Bobrinskoy, Vice Chairman & Director of Research at Ariel Capital Management, sees "very good consumer names" that are "dramatically oversold."
He offered CNBC his take in two consumer stocks:
Carnival: He notes that the cruise line's "earnings have held up" -- despite soaring fuel costs and inflation in general. He pointed out that "older folks" are dependable customers, who scrimp and save specifically for sea vacations.
Tiffany: Despite the hit taken by many luxury retailers, Bobrinskoy points out that "only one-sixteenth of a stock's value is this year's earnings" -- and he sees bright things in store for the iconic jeweler next year.
"You put a diamond ring in that blue box and it's magic," he declared.
Disclosure information was not immediately available for Bobrinskoy or his company.