There are two types of market strategist: Those who think it's time to buy, and those who think it's going to be time to buy.
Put James Paulsen of Wells Capital Management into the latter category.
"I think, from an investor's standpoint, you can look on bad days to accumulate positions that you might want to hold over the next few years, and hold your nose until confidence starts to rebuild," Paulsen told CNBC.
Paulsen has some definite ideas about where investors should go shopping. He thinks some financials will turn out to be astonishing bargains, but only if the investor knows which ones will survive.
"I'd rather look at some of the beat-down industrial stocks, or the retailers, or even some tech stocks, as opposed to the financials," he said.
- Video: Watch the entire Paulsen interview
Disclosure information for James Paulsen was not immediately available.