Investors should expect more volatility ahead, United Capital CEO Joe Duran told CNBC on Tuesday.
While the "micro story" with individual companies is good right now, the macro picture isn't so bullish, he said.
"I would suspect that we're going to see another 10 percent decline certainly in the next year, maybe even a 15 percent decline," he added.
On Monday, Morgan Stanley strategist Andrew Sheets called the recent declines an "appetizer, not the main course."
"Our cycle models suggest that [developed markets] remain in the late stages of a late-cycle environment," said Sheets. "Rising equities, rising inflation, tightening policy, higher commodity prices and higher volatility are (in our view) a pretty normal pattern if that view is correct," he wrote in a note to clients.
However, Duran doesn't think investors should sell despite the probability of another correction on the horizon.
"It just means you should be ready for it and make sure your portfolio is allocated to keep you safe," he said.
Concerns about higher interest rates have been a main factor behind the recent volatility. Last week, the benchmark 10-year Treasury yield hit its highest level since 2014.
However, noted value investor David Katz, chief investment officer of Matrix Asset Advisors, thinks earnings growth is going to be a more powerful driver for the stock market than rising interest rates.
"Companies are giving their most upbeat outlooks than they have really in about four or five years. You're getting about an 8 to 10 percent earnings jump just from tax relief, which is a real improvement to the bottom line and the cash flow," he said in an interview with "Power Lunch."
Katz suggests buying on the down days, pointing out that not all stocks have rebounded.
— CNBC's Fred Imbert and Brenda Hentschel contributed to this report.
Disclosure: Matrix clients and Katz own CBS, DVN, ETN, GILD and UPS.