Rafael Resendes thinks investors should spend less time looking for a market bottom, and more time trying to find stocks likely to improve in the intermediate future.
The co-founder of the Applied Finance Group has even created an index to help find them.
How does he define "intermediate?"
"We'd be looking at over the next three years, where we can let these companies play their cycle a little bit more, and start to resume business as normal," he told CNBC.
His index is geared to calculate the expectations built into a stock's price.
"There's two conflicting tensions at work here," he explained. "There's the emotional cost of investing, and there's the financial cost, and sometimes they tend to conflict pretty heavily."
So what stocks does his index rank high?
"Coach...is obviously a huge consumer play, but you look at their ability to grow," he said. "They have 300 units here in the U.S.; management feels they can grow to 500; they have great opportunities overseas; if you don't believe Coach will be half its size by five years from now, this is a great opportunity."
He also likes Valero.
"With oil prices having fallen, gasoline prices holding strong, this is a stock that's poised to have an interesting turnaround," he said.