Strategists: Embrace The Fear and Buy!
Buy into the bear: That's the advice from Jim O'Shaughnessy, founder of O'Shaughnessy Asset Management, and Fritz Meyer, senior market strategist at Invesco AIM. They offered CNBC their insights and sector plays.
"Financials are great," said O'Shaughnessy, noting double-digit gains since July 15. "We find high-dividend stocks very attractive at this time."
His firm is buying the financial sector, rather than cherry-picking stocks. Along those lines, he believes that ETFs are viable for individuals -- as long as they get dependable advice for building a portfolio with "appropriate asset allocation."
Meyer agrees on financials: "Broadly speaking, you'll see diminishing write-downs." He also favors consumer discretionary stocks. His main investment advice now: "Buy the market. Embrace the fear."
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No disclosure infoirmation was available for O'Shaughnessy, Meyer or their respective companies.