It may not be time for stock-market investors to go back to "classes" just yet, but we should be doing our homework, according to Malcolm Polley, chief investment officer of Stewart Capital Advisors.
"Historically, the market doesn't get a chance to turn meaningfully until you get six months or so near the end of the economic cycle," Polley told CNBC. "We don't think that's going to occur until perhaps the end of this year, maybe the first part of 2010."
In the meantime, he advises investors to pick their targets — and do their homework.
So what has he learned by doing his homework?
"We would look at ag plays; we still think agriculture's a very interesting place to be, particularly fertilizers," he said. His pick in that field is CF Industries Holdings, which has profited from higher prices for nitrogen fertilizer even as demand has declined.
"We like health care, but we prefer not the pharma, but the medical information and the medical products sector," he said. He recommends HLTH,, of which WebMD is a subsidiary.
He also likes the engineering-construction space.