"This tsunami of financial problems that we've had really...has another wave to it."
The words are those of Andy Bischel, chief investment officer of SKBA Capital Management. You might get the impression there's no financial stock he'd be willing to get involved in...but you would be wrong. The CIO offered CNBC his picks.
Although Bischel urges investors to be underweight in financials generally, there are some corners of the sector that still hold near-term promise.
"We are very much interested in companies like Fidelity National Financial
, which will be one of the title companies that will be going through all the refinancings, collecting revenue from rebuilding all of this mortgage debt that's going to be defaulting," he told CNBC.
And that's not all. Bischel has some even higher-profile stocks in mind.
"We also like Nasdaq," he said. "The exchanges are a good way to play in this market as well."