There are still some good opportunities in energy — and if you have a tough stomach, you can complement them with names that have more risk, said Youngberg, an oil and gas analyst. He said $60 to $65 per barrel oil is a good long-term price for investors to keep in mind.
"I think investors, initially, should focus on having a good core: Chevron, Schlumberger, names like that," Youngberg said. But with new leaders or strong balance sheets, names like Apache, Marathon Oil and Devon Energy could provide great long-term value for patient investors willing to wait three years or beyond, he noted.
To be sure, with the U.S. central bank looking to raise interest rates this year, it might be time to get back into the water in some assets, particularly emerging markets and high-yield, said Rick Rieder, managing director and chief investment officer of Global Fixed Income of BlackRock.
"This is a Fed that is moving toward raising rates," Rieder said. "We think it's going to be pretty hard, ... probably impossible for them to move in March. I do think they're going to move as we get into June."
Correction: This version reflects an update in Rick Rieder's title. He is now managing director and chief investment officer of Global Fixed Income at BlackRock.
— Reuters and CNBC's Tom DiChristopher and Chris Hayes contributed to this report.