Sam Peters, of Legg Mason Capital Management, is more bullish.
"The beauty of the U.S. market on the equity side is valuations are reasonable," he said. Peters advises buying companies in health care and technology, particularly those generating high free cash flow. He would also invest in financials.
Some of his picks include Pfizer, Microsoft , MetLife, eBay and J.P. Morgan Chase .
Watch: Recent interview with Wien.
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Disclosure information was not available for Mark Arbeter or his company.
Sam Peters does not own shares of PFE, MSFT, MET, EBAY or JPM.