Selloff a reason to buy? Market pros say 'yes'

BlackRock: US great investment environment
BlackRock: US great investment environment

The market selloff is no reason to panic, it's a reason to buy, several market pros told CNBC Thursday.

"We're telling our clients that you can't invest for the future in the future, you have to get in today ... you've got to be in these markets to make a return," Rob Kapito, president and founding member of BlackRock, the world's biggest asset manager with $4.5 trillion, said in an interview with "Power Lunch."

Thursday's selloff occurred after a huge run-up Wednesday. October has gotten off to a volatile start, with the Dow moving about 2,000 points in less than seven days of trading.

Traders take orders in the Standard & Poor's 500 stock index options pit at the Chicago Board Options Exchange (CBOE) in Chicago, Illinois.
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George Young, co-manager of the Morningstar five-star rated Villere Balanced Fund, agreed with Kapito.

"We've had some cash for our clients for some time now so I think this is a good day to put it to work," Young said.

Dan Chung, CEO and CIO of Fred Alger Management, which has $21 billion in assets under management is also bullish and is going full speed ahead into equities.

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"It's a great time to be looking at U.S. growth stocks," Chung said.

However, Michael Farr, president of Farr, Miller & Washington disagreed, arguing that opportunities for continued margin improvement are waning.

"From time to time markets go down. Stocks can go down," Farr said.

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So is this the time to buy bonds?

Best bond bets
Best bond bets

Laird Landmann, co-head of Fixed Income at TCW, which manages $145 billion in assets, said he's cautious on the bond market.

"You've got to worry that the long-term trend is higher rates and that's what the Federal Reserve is telling us." The big thing is "keep systemic risk low" Landmann said.

Doug Swanson, portfolio manager of the JP Morgan Core Bond Fund with $25 billion in assets under management, said, "We are going to stay in this trading range for the near-term. To get a more significant rally from here, I think you have to see something bad happen."