Richard Bernstein, Mohamed El-Erian, and Jim Paulsen on what's ahead for the market

Richard Bernstein, who manages more than $3 billion in assets as CEO of Richard Bernstein Advisors, shared his views on how investors should position themselves in the immediate aftermath of Donald Trump's surprise presidential victory.

"From the point of view of investing, what people have to do is let the dust settle," said Bernstein. The money manager advises investors to maintain a long-term perspective by focusing on the next two years rather than the short-term market reaction, and therefore position their portfolios accordingly.

"What are people not talking about? What never came up in the discussion? Because if you are looking for the black swan, and if you are looking for the investment opportunity, that's what you have to look for," he said.

In this panel discussion, Bernstein was joined by Mohamed El-Erian, chief economic advisor at Allianz, and Jim Paulsen, chief investment strategist at Wells Capital Management, who also weigh in on what could be ahead for the market.

To watch the full broadcast interview, which originally aired on CNBC's "Squawk Box," you must be a CNBC PRO subscriber.