For investors right now, the best offense is a good defense. That's how John Dorfman of the Dorfman Value Fund and Thunderstorm Capital sees it.
"I think we're in for a jagged and unpleasant next six months," he told CNBC. "I'm defensive for now, but I think it will turn up in the fall."
So how does that translate into the tactics of investment?
"It leads me to overweight energy, for examply, and be light on consumer stocks," he said.
"I do think there are some bargains in financials, but I would only nibble lightly, and accumulate those gradually. I would also look at pharmaceutical stocks as defensive."
Dorfman's energy play is an interesting one: FreightCar America.
"They make freight cars, especially ones that carry coal," he said. "It's a cheap coal play, and that's one of the reasons I like it."
Among the financials, Dorfman likes Goldman Sachs, and among the pharmaceuticals, AstraZeneca.
- Learn more: Watch the entire interview (3 mins, 36 secs)
Dorfman and his family own shares of AstraZeneca, FreightCar America, and Goldman Sachs.