Jeff Auxier isn't waiting to see where the train is going before getting aboard.
"It's hard to predict markets," the president and chief executive of Auxier Asset Management admitted to CNBC, asked whether it's yet time to buy stocks. "We're there on a price basis, but we're still working off a lot of borrowed money."
He recalled the powerful downdraft in farming a quarter-century ago, when corn and soybean farmers found themselves struggling to survive.
"It's a painful de-leveraging," he said. "We're restructuring the retail industry, the financial services, the autos."
But he does see some opportunities.
Auxier likes Philip Morris International, Unilever, and Coca-Cola.