Mark Mobius, founding partner of Mobius Capital Partners, says stocks have more room to fall in this bear market, so investors should stay in cash for now. "We've got a ways to go," Mobius told CNBC's "Squawk Box" on Tuesday. "It may be time to start nibbling at certain individual stocks that look good, but otherwise, best to keep some cash on the sidelines and then go in." The veteran investor is known as a pioneer in emerging markets and made his name at Franklin Templeton. Mobius defines a bear market as a 30% or more drawdown from highs. The S & P 500 is down about 18% from its record, while the Nasdaq Composite is off by more than 30%. Last week, the S & P briefly fell into bear market territory, falling by the traditional definition of more than 20% from a high. The investor said the big drawdown in the Nasdaq and in the price of bitcoin this year are leading indicators of a bear market. Defensive stocks like utilities are outperforming this year, Mobius noted as another signal of more pain ahead. However, Mobius recommended investors start eyeing which stocks to add when the worst of the bear market passes. "There is going to be tremendous opportunities in this bear market. It's going to be an opportunity that probably can't be missed within the next month or two months," Mobius said. "Now's the time to start thinking about what to pick up," he added. The investor said he still likes technology stocks, namely companies with profitability and growth. "Technology is going to be continuing to hit these countries around the world and companies that are supplying the technology will do very well," Mobius said. Healthcare and construction materials are also two areas of the market catching Mobius's eye.