To beat back the bears, Charles Norton goes with value.
The co-portfolio manager of the Vice Fund has found a couple of opportunities for investors among well-known but out-of-favor companies.
His first pick is Philip Morris International.
"Demand for cigarettes is global, and it's not economically sensitive," he told CNBC. "Philip Morris International (is) benefiting from a strong international operating environment; they have broad geographic diversification, with no U.S. exposure; they have a best-of-class management team."
Norton points to the company's stock-buyback program, totaling $13 billion over the next couple of years.
Among tobacco companies, Lorillard is also on his list.
On a different tack, he also likes Boeing, which has plunged more than 25 percent in the last seven weeks.
"With high fuel costs, investors have basically hit the panic button on anything related to aerospace," he said. "Boeing is trading as if 30 percent of its backlog is going to get canceled, and I think that's just too bearish...the worst-case scenario is already priced into the stock."
Disclosure information for Charles Norton was not immediately available.