The key is to tiptoe carefully into a diversified group of high-yield names with specific maturities whose balance sheets are good and whose price moves, based on interest rate fluctuations (called duration), will be muted.
"It'll be interesting to see whether the cash that's sitting there looking to get invested uses this as a reason to tiptoe back into the market, or if it's another reason to say, 'It's over, ' again, " he said.