The stock market has experienced a series of bear market rallies this yr. And while such short-lived bounces might be hard to tell apart from a real market bottom, one investment pro believes a turnaround is on the horizon. “I believe investors at this point ought to be looking forward to the brand new bull market, the brand new business cycle, once the decks have been cleared, and we aren’t distant,” James Demmert, chief investment officer of Primary Street Research, told CNBC’s “Street Signs Asia” Monday. Demmert said the bear market is now its “third and final phase.” It’s now in its 11 th month of a typical 12–15-month cycle, based on Demmert — indicating that a bottom might be close. But investors should remain mindful of macro challenges, he added, warning that the U.S. Federal Reserve’s job of tightening policy “just isn’t done.” Deal with ‘recession proof’ businesses Demmert said investors should give attention to “recession proof” stocks and “prepare for the brand new and upcoming bull market by making a listing of great firms to buy that may lead the market higher in the brand new business cycle.” He said there are opportunities in healthcare, consumer staples, utilities and energy — sectors often viewed as protected havens in periods of volatility. He can also be starting to search for opportunities in tech, given further declines within the sector recently. Demmert top stock picks include: Procter & Gamble . The corporate has been successful in retaining its profit margins attributable to its ability to pass on higher costs to consumers, said Demmert. Danish pharmaceutical firm Novo Nordisk , the world’s largest producer of insulin. He likes the corporate for its “consistent earnings” and “excellent” recent quarterly profits. T-Mobile . “It’s kind of an all-weather company at this point because they’ve the dominant exposure in that market globally. It’s well financed and has got a fantastic balance sheet,” he said. Demmert also likes some Big Tech names. “You wish to position yourself in … what does well when the economy recovers. And meaning the better-quality tech obviously. Bull markets once they start, they’re led by quality,” he said. “That is where people go where they think it’s protected, equivalent to Google [parent Alphabet ] and Microsoft within the tech space. Absolutely Amazon , it has already discounted the worst.”