Pessimists look at the market and see the glass more than half empty. Jeff Auxier of Auxier Asset Management sees quality stocks selling at fire-sale prices.
"What we try to do is, identify the businesses we really want to own," he told CNBC. "This is the time to identify the greatest companies, high-quality businesses that are always too expensive, and when everybody's fearful, now is the time."
Auxier's list includes Walmart, McDonald's , Philip Morris International, and Kroger.
Predictability is also a key component of stocks that Auxier now finds attractive.
In that category he includes Paychex and Automatic Data Processing.