Falling stock prices are presenting long-term investment opportunities, but Bessemer Trust principal strategist Joseph Tanious said Tuesday there is no market in the world where he would be buying with both fists.
Tanious spoke one day after the Dow Jones industrial average plunged 401 points at its low, only to recoup more than half of those losses at the close. The S&P 500 also cut its losses in half by the end of Monday's session.
"I think this is a time to be very cautious. It's time to be careful," Tanious told CNBC's "Squawk Box." "I don't think all is lost. I think there are going to be some opportunities. At the same time, until you get some stability here in the markets, I'm not so sure you want to ride this."
In particular, oil price stability and a clearer view of conditions in China would boost confidence, he said. Instead, crude volatility, fear of a Chinese slowdown, interest rate uncertainty and the geopolitical tension that created headwinds at the close of last year have all bled over into 2016.