Jamie Cox of Harris Financial Group is looking past the current "flight to quality" that has dropped Treasury yields so far, and saying where he thinks the money will be heading when it comes flying back.
"It's going to go into several places, namely, corporate bonds, maybe the high-yield arena, and into equities," he told CNBC Thursday.
One area of equities he sees as especially promising is health care, specifically, pharmaceuticals. (See his full comments in the video)
"The pharmaceutical industry is well-positioned to not only have a seat at the table as the discussion starts about what's going to happen with the health-care system, but they're also well capitalized," he said.
In that sector, Cox likes Merck and Pfizer.
Merck announced this week that it is moving into the generic space, and he sees that as evidence that pharmaceuticals are moving out of their old role as market underperformers.
Beyond health care, he also likes CNBC.com parent General Electric and telecom giant Verizon.
Disclosure information for Jamie Cox was not immediately available.