There may be an upturn coming, but Michael Farr isn't ready to bet on it just yet. The president of Farr, Miller and Washington says stocks in companies that produce consumer staples are a lot more promising than those that produce discretionary goods.
"I think that betting on consumer discretionary is way too premature," he told CNBC. "Stick with the staples."
"I like Pepsi, I like Sysco, Colgate Palmolive, I like Procter & Gamble ," he said. "I like these core names; they're very stable during periods like this; they've got strong double-digit earnings growth; they've got 2 to 3 percent dividends, on average; they weather through periods like this."