BlackRock's Bob Doll says the investor needs to realize where we are in both the economic cycle and the market cycle, and he has some suggestions about where to re-adjust a portfolio.
"This is a time to be dollar-cost-averaging out of safe assets — Treasurys — into more risk assets — equities and corporate bonds," he told CNBC.
Often, when things look the worst in the rear-view mirror, that's the best time to get into the game.
"We still think a diversified portfolio makes sense," he said. "Our favorite cyclical sector (is) energy; favorite growth sector, technology, and favorite defensive sector, health care."
He's naming names, too.
"In the service area within health care, UnitedHealth (Group), Wellpoint, Aetna.