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This isn't the next market crisis that will cause a huge crater, expert says

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While some of the biggest names in the market believe there may be dangerous times ahead, any crisis that occurs because of the Federal Reserve's actions won't necessarily be devastating, BMO Private Bank's chief investment officer, Jack Ablin, said Wednesday.

The Fed's low interest rate policy has sent investors searching for yield and piling into stocks, and that has had some warning of a bubble that may burst when the central bank raises rates.

"This isn't a meteor coming out of outer space and hitting the Earth," Ablin said in an interview with CNBC's "Power Lunch."

"This is something that has been created by the central banks and we're going to have to work our way out. But I don't think this is necessarily the next crisis that is going to cause a huge crater."

On Tuesday, billionaire investor Carl Icahn and hedge fund manager Paul Singer were among those predicting gloom and doom at the Delivering Alpha Conference presented by CNBC and Institutional Investor.

"You look at the environment, and I think it's very dangerous. You're walking on a ledge and you might make it to the end, but you fall off that ledge and you're really going to see trouble," Icahn said. He said if the Fed doesn't raise interest rates, "I think we're in a major bubble."

Singer faulted the central bank and others for creating a tremendous increase in hidden risk, saying, "I think it's a very dangerous time in the global economy and global financial markets."

George Maris, portfolio manager at Janus Capital, believes people are uneasy because there is no historical guide to what's happening.

"All of these things put us in a place we've never been before. And that's what's created this anxiety," he told "Power Lunch."

But while the low-volatility safety trade has seen an incredible rush of capital, there are still sectors to play during a downturn, Maris said.

He'd look to stocks that are reflecting distressed asset prices but have dramatically better fundamentals.

"You can have sectors that have been oversold or underappreciated do extremely well in a difficult environment," Maris noted.

For example, financials and Chinese internet stocks, like Alibaba, are "extraordinarily cheap," he said.

"You can see this unwind of ... this low-volatility trade creating tremendous opportunity if you are active," said Maris.

Meanwhile, when the Fed does begin to raise rates, it will trend carefully, Ablin pointed out.

"There's no question about central banks running interference and creating high valuations but the fact is they are not necessarily going to simply turn off spigot and run away," he said. "They recognize that there is an addiction here and we're going to have to slowly get off of this liquidity and do it in a gradual way."

— CNBC's Jeff Cox contributed to this report.