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Foolish for investors to ignore both market positives and negatives, all-star investor Rich Bernstein says

While lawmakers go back to work on a second coronavirus relief package, Institutional Investor Hall of Famer Richard Bernstein is building strategies to cope with a more contentious market environment.

Bernstein, who has spent decades on Wall Street, expects the recovery to be jagged.

“Your portfolio has to be a little positioned in terms of matter and anti-matter,” the Richard Bernstein Advisors CEO and CIO told CNBC’s “Trading Nation” on Monday.

Bernstein believes it’s foolish to ignore the positives and negatives in the market. Therefore, he’s advocating a barbell approach to clients.

“Portfolios have to be balanced between the optimism that’s associated with this historic monetary and fiscal stimulus while combined with the budding pessimism of Covid-19,” Bernstein said.

The CNBC contributor prefers investing in consumer staples and health care as a safety play while also having exposure to economically sensitive groups such as energy and materials.

Bernstein is also becoming increasingly cognizant of the implications of the falling dollar, which is trading around two year lows. The greenback has dropped more than 6%