There may be fears that U.S. corporate earnings could face back-to-back negative growth this year, but that doesn't mean there'll be an economic recession, said Joseph Zidle, the chief investment strategist at asset management firm Blackstone.
In fact, Zidle that there'll be a buying opportunity for investors after an "earnings recession," which he defined as two consecutive quarters of negative earnings growth.
"I think an earnings recession is a real risk, but the most important thing to point out ... is that the business cycle, or the profit cycle, works at a different speed than an economic cycle," he told CNBC Thursday.
"Typically, you have more booms and busts in corporate profits than you have in an economy. So I think it's entirely likely that we have an earnings recession ... or something very close to it. But at the same time we don't have an economic recession."
Zidle warned of further volatility in the markets, and cited weaker earnings and central banks around the world turning dovish. "But I will use that as an opportunity to buy," he added.