BlackRock's Russ Koesterich: It's time to be 'very selective'

Russ Koesterich, BlackRock

A top Wall Street investment expert doesn't see a stock or corporate bond crash coming anytime sooneven if it's tough to spot cheap assets and slow economic growth is likely to continue.

"Does this mean we should all just move to cash? I don't think so," Russ Koesterich, BlackRock's chief investment strategist, said Wednesday evening at the Morningstar ETF Conference in Chicago.

"It does mean you have to be very selective. It does mean you should have more modest expectations for what your returns are going to look like over the next five or 10 years where valuation really matters, but I don't think that this suggests that stocks or, let's say high-yield (bonds), are about to crash."