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Investors should abandon defensive positions and broaden their portfolios to get a jump on the next U.S. bull market, Charlie Morris, head of Absolute Return HSBC Investments, told CNBC Wednesday.
"To move away from a hedge-fund type, capital preservation portfolio to a traditional, balanced portfolio is a great thing to do," Morris told "Worldwide Exchange."
The "world economy is going to grow a lot faster than people think," Morris said. Investors have been underweight U.S. stock since the dot-com bubble burst and "that's where the focus of the bull market will be in the next phase," he added.
"You can buy the stock market through convertible bonds, which have been massively discounted because of the credit issues and also the forced selling by many of the trading desks," Morris said.
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