Veteran manager says gold remains in 'an aggressive accumulation phase'

Adam Rozencwajg, managing partner at Goehring and Rozencwajg — a fundamental research firm that focuses on making contrarian natural resource plays — says that the rally in gold is far from over, and that "until it gets to at least the long-term average [of its value relative to the market], you are in an aggressive bull market, an aggressive accumulation phase." That average would take gold to about $8,000 an ounce, meaning the asset has room to double. Rozencwajg also talks oil and why he likes it despite status as "the most hated asset class in the world."

Ryan Redfern, chief investment officer at Shadowridge Asset Management, says that correlations are so high that "you stick with the big stuff, the S&P and Nasdaq," rather than diversifying into small-caps and international stocks, which have had occasional runs but which haven't gained long-term edges on the classics. He sees the market as having a "knee-jerk reaction to news" like potential rate cuts this week, but says that sets up the market for a seasonal run into the end of the year.

John Dorfman, chairman of Dorfman Value Investments, brings his class price/earnings-driven style to stocks in the Market Call.