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Stock Picker: My Best Contrarian Play

Andrew Fisher
Wednesday, 3 Dec 2008 | 10:12 AM ET

Don't buy the stocks that others are buying, says Craig Callahan.

The founder and president of ICON Advisers says an investor's real targets should be what others are selling, like consumer discretionary companies.

"There sure are a lot of concerns," Callahan said of the current market environment. "You don't have to look very far to find things to worry about."

On the other hand, he sees signs of bottoming.

"The market usually anticipates recovery, and we would expect that to happen soon," he told CNBC.

Recommendations:

Among individual companies — consumer discretionary companies — Callahan likes Autozone.

"It's a high-quality company; we measure it to be about 67 percent below fair value," he said. "When the market moved up last week, it fully participated; it has all the ingredients to lead the market."

Buy What Others Are Selling
Advice to give you an edge on the markets, with Craig Callahan, ICON Advisers and Marc Pado, Cantor Fitzgerald

Disclosures:

Disclosure information for Craig Callahan was not immediately available.

Disclaimer

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