It was a wild day for stocks Wednesday as increased speculation about a global recession and plunging oil prices fired a global sell-off. However, amid fears of impending doom, some are willing to buy the dips.
"If we're not in a bear market, we are pretty darn close," David Sowerby, portfolio manager at Loomis, Sayles & Co., told CNBC's "Closing Bell" on Wednesday, adding that historically this is a great time to buy.
The investor suggests investing in "value opportunity" stocks such as Dollar General, manufacturing company Snap-on and spin out stocks. Sowerby suggested Babcock & Wilcox Enterprises as his top choice.