"What do you do when oil's over $130 a barrel, and the subprime-infected stocks are still plaguing the market?" asked David Sowerby of Loomis Sayles. "You go shopping!"
Sowerby urges investors to stay light on financials, especially among regional banks, and focus on technology and its abundant free cash flow.
"The market doesn't have a terribly...robust picture going forward, but nevertheless, compared to 4 percent yield on 10-year Treasurys, I think stocks have the opportunity to outperform that by 5 to 6 percent over the next nine months," he told CNBC.
But which stocks?
Sowerby likes watchmaker Fossil and beverage group Dr. Pepper Snapple.
His technology picks are Applied Materials, Corning, and Harris Corporation.