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The cash is finally leaving the sidelines, according to Congress Asset Management's Peter Andersen, and he's got some ideas about where the early dollars ought to be going.
"I think of it like a giant slingshot that's fully extended, and we're just waiting for that energy to be released," he told CNBC. "The cash alone isn't going to do it, but it acts as a very strong catalyst, given all the incentives that we've been seeing over the past couple of weeks."
So with all that encouragement, where should shrewd investors put their money?
Recommendations:
"Start averaging in, not taking big risks, but looking at companies that might be a little bit more recession-resistant right now, like Marsh & McLennan [MMC
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], an insurance broker that doesn't have to take any underwriting risk," he said.
He also likes Iron Mountain [IRM
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].
"They do document storage, and even though, in a recession right now, it's counterintuitive in this digital age, you still see the demand for storage of hard documentation growing 6 to 8 percent a year, regardless of the way the economy is moving," he said.
Disclosures:
Disclosure information for Peter Andersen was not immediately available.
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