Scotsman Capital's Charles Crane says his firm is buying companies it thinks will deliver earnings growth next year — even if overall earnings in the S&P 500 decline 15 to 20 percent or more. That takes Crane into a variety of sectors.
"These would include some of the traditional defensive categories like health care or consumer names," Crane told CNBC.
Walmart is a major component of his portfolio; C. R. Bard is a recent addition.
Technology is represented in the portfolio in Apple and Adobe.
"Their earnings may come down over the next couple of months, as the depth of the recession is more apparent, but we think that earnings will still grow," he explained.
Less certain in the short run is energy, but Crane says it's still worth some selective investing.
"If you give me a couple of years, natural gas looks like the place to be in the overall energy complex," he said. "It's politically expedient — we have it all here, we don't have to rely upon countries that don't like us very much to produce it."
In that category, he likes Anadarko and Transocean.
Disclosure information was not immediately available for Charles Crane or his company.