The market sell-off has created a buying opportunity for investors who can afford to be a little patient, noted value investor David Katz told CNBC on Tuesday.
Stocks continued to dropon Tuesday, with the Dow Jones Industrial Average wiping out its gains for the year. Meanwhile, about 40 percent of companies on the S&P 500 are now in a bear market, defined as being down 20 percent from recent highs.
"We think there are a lot of great buys here we would be buying if you have a six- to 12-month" timeline, Katz, chief investment officer at Matrix Asset Advisors, said on "Power Lunch."
His top picks included two tech stocks and one in the oil services arena.