The best thing investors can do is buy stocks right now, as long as they manage their return expectations, the chief investment officer of JPMorgan Private Bank said Thursday.
Specifically, the firm is focused in global markets this year, as well as mid-cap stocks in the U.S., said Richard Madigan, who oversees $1 trillion in assets.
"People are overthinking the dynamic of growth. It's slower. Valuations, they're high but not too bubbly and most portfolio returns are going to be driven by equity markets," he told CNBC's "Power Lunch."
Madigan likes technology, health care and consumer discretionary stocks in the U.S., noting that overall "we're doing OK for earnings."
While the Street was expecting a negative quarter, earnings growth for S&P 500 companies were up 3 percent so far, and 11 percent without energy stocks, he said.
He also doesn't think the recent rout in the energy sector will determine the overall direction of the market at this point. Energy is down about 20 percent from recent peaks, said Madigan, and investors tend to get nervous when it falls 25 to 30 percent.
"In this trading range, I think we manage through it," he said.