Top strategist: Get ready for ‘difficult’ year

Leuthold Group CIO Doug Ramsey joined CNBC Pro Talks on Thursday in a special Q&A for subscribers.

During his discussion with CNBC's Mike Santoli, Ramsey explained that his equity exposure for the months ahead is "fairly defensive" and could get even more so should market signals continue to deteriorate.

The money manager, who oversees $1.8 billion in assets for Leuthold, correctly called the summer correction in stocks this year. Even though the market has since stabilized, he is not any more optimistic.

"We are expecting a difficult next six to 12 months," said Ramsey, pointing to stretched market valuations and a recent dislocation in correlations among sectors and stocks.

"Piece by piece, you've seen less market participation throughout the year," he warned.

Apart from his outlook for 2016, Ramsey also shared his investment strategy on large-cap technology stocks, biotech names and more.