This recovery is not going to be a sprint, but a marathon—and it’s going to take time to unwind, said Andrew Kanaly, chairman of Kanaly Trust Company.
“If we look at what’s going on out there, we can still see unemployment rising,” Kanaly told CNBC.
“So where’s the consumer going to come from? Where’s the consumer growth going to come from?"
Kanaly said he expects foreign demand for industrial products and services to fuel the recovery, albeit slowly, and told investors to be about 30 percent "long" in their portfolios.
“If you have a higher percentage of your portfolio long than 30 percent, then this is probably profit time,” he said.
“If you’re underweight stocks still, look for this pullback to be a time to get in and to get broadly diversified.”
No immediate information was available for Kanaly or his firm.
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