Stocks plunge, but these pros aren't worried

Stocks plunged Wednesday, with the Dow Jones industrial average closing down more than 290 points, but several market experts said they weren't worried.

In fact, they were using the opportunity to scoop up undervalued names.

"This bull market, we all know it's eventually going to end, but it's not going to end today," said Matthew Tuttle, chief investment officer of Tuttle Tactical Management.

Since the Federal Reserve has made it clear that interest rate hikes will be data dependent, bad economic news and a falling dollar are good for the market, he said in an interview with "Power Lunch."

"This morning there was bad economic news, the dollar is dropping, so to us this is a buying opportunity."

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That said, the bull market must come to an end at some point. Tuttle predicts that will happen sometime around the end of 2016, but noted that "bull markets die very slowly." He anticipates the beginning of the end will happen once the Federal Reserve starts exiting the market.

However, Brian Belski thinks stocks are currently in a 15- to 20-year secular bull market.

He sees two broad issues for the market this year: the great unwind of the "former trade," which is commodities, emerging markets and the dollar, and the great unwind of macro investing.

"We seem to react and overreact to every single macro data point," he told "Power Lunch."

"I believe that the trend going forward for the next 10 years will be bottoms-up fundamental stock picking."

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That means the more investors depend on macro data from the last quarter or last month, the more they will continue to underperform, Belski noted.

"That's why you see these reactions, especially given the fact of how much the market's been up," he said.

As for where the money is headed, Belski looks at where he thinks millennials will be investing. To him, that is large-cap U.S. equities, value, dividend and growth, or "what's been working."

"I believe the flows into that area haven't even begun yet," he said.

For Sandy Villere, co-portfolio manager of the Villere Balanced Fund, Wednesday's selloff presents "a great opportunity to buy good names, specifically small-cap securities."

He likes Men's Wearhouse, which he said has a "short-term cloud" over it because of its battle with founder George Zimmer and its acquisition of Jos. A. Bank. Villere also likes DST Systems for its valuation.

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Mark Travis, president and portfolio manager of Intrepid Capital Funds, told "Power Lunch" that on a global basis, when the market is compared to gross domestic product, it is back to peaks seen in 2007.

"On days like today you kind of add to your undervalued securities and always try to weed out the overvalued ones," he said.

He likes Tetra Tech and Oaktree Capital Group.

Stefanie Kratter contributed to this report.

Disclosure: Travis, his family and his firm own Tetra Tech and Oaktree Capital Group. Villere, his family and his firm own Men's Wearhouse, and DST Systems.