Ken Heebner thinks the current cellar-dwelling market sentiment is overdone.
"Housing will continue to get weaker in a few of the states," the Capital Growth Management portfolio manager told CNBC. "But you're going to see the economy look better a year from now."
His CGM Focus Fund is up a stunning average of 32 percent per year over the last three years.
So where does he see opportunities in equities?
Heebner has been enthusiastic about Brazilian petroleum producer Petrobras for a long time. He's no less enthusastic now.
"Petrobras continues to surprise on the upside," he said. "I continue to believe that this company, with 14 billion barrels of reserves, five years from now, we'll be looking at reserves of 100 billion."
He also likes gas and oil drilling equipment company Schlumberger.
"When there's a shortage of gas and oil, this company is doing very well," he said. "Earnings growth is going to accelerate during the second half of this year, because natural-gas prices have risen, and the oil services business in North America, which had been in a lull, is going to accelerate."