No getting around it: Things are bad and likely to get worse, and investors must position their portfolios accordingly. Recovery may be coming eventually, but investment dollars do need a home in the meantime.
"We need to look for where the bright spots are on the other side of the trough," CAZ Investments chairman and chief investment officer Christopher Zook told CNBC.
He's found a couple of attractive sectors, while waiting for the rebound.
"We like energy a lot; we also like health care," he said. "Energy in particular, we feel the market has over-reacted on the down side, just like it did over-react on the upside, and as the economy recovers, the supply/demand problem that was so apparent last spring is going to rear its ugly head again, and these prices are going to go much higher, and the stocks are going to go with them."
Disclosure information for Christopher Zook was not immediately available.