With stocks continuing their descent, Charles Schwab‘s Chief Global Investment Strategist Jeffrey Kleintop sees it as a broad-based buying opportunity for investors who have some cash to spend. During an interview with CNBC this week, Kleintop said there is a case to be made either to do nothing, sell stocks for rebalancing purposes or purchase more shares.

The strategist at The Charles Schwab Corporation (SCHW) advised that investors who had been waiting for a pullback to get in don’t have to be selective given the backdrop of broad global economic strength. But if they do want to focus on certain areas, he pointed to financials and emerging market stocks as buying opportunities. Stocks in those industries “benefit from the driver of the underlying root cause of this pullback: a return of inflation and stronger broader growth,” said Kleintop.

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For those who are panicking, the Schwab executive said that it is okay to sell to rebalance a portfolio that may have become overweight during the past two years. And for those who are doing nothing, that works too. “If you didn’t feel compelled to do anything, then maybe you shouldn’t – don’t anything now,” Kleintop said during the interview.

Earlier this week, as stocks were dropping, Kleintop called the malaise a pullback rather than a correction. In a blog post aimed at calming jittery investors, Kleintop argued that the stock market is vulnerable to a pullback given shares have marched higher for 15 months in a row without a decline. “It isn’t unusual to see pullbacks, even those that are more severe than last week’s move,” wrote Kleintop. “In fact, global stocks have fallen from peak-to-trough by more than 10% in two-thirds of the years since 1979, yet most of those times still posted a gain for the year.”

Kleintop did note in his blog post this week that investors should brace themselves for more volatility and pullbacks this year but stressed that growth remains strong, even if companies are in the advanced stage of the business cycle. As a result, staying globally diversified and rebalancing the portfolio regularly to make sure it stays in line with the time horizon and risk tolerance are the ways to weather pullbacks in 2018.

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