Craig Peckham is hunkering down for a long period of softness in the economy, with stock positions that are clearly defensive.
"We're steering clients toward health care and selective plays in the consumer staples space," the Jefferies equity trading strategist told CNBC. "Technology is also interesting."
He's careful about naming names: "We focus on those companies with fortress balance sheets and cash-rich profiles," he said.
Those qualifications point him toward Microsoft and Google.
"The strategy is really straightforward, focusing on those companies where balance-sheet leverage looks to be relatively safe," he said. "The other side of the coin, too, is with that balance sheet's leveraging comes a lot of bandwidth and firepower to do more acquisitions."
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Disclosure information for Craig Peckham was not immediately available.