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.