Mohamed El-Erian, Allianz's chief economic adviser, urges investors to hang on amid wild market gyrations because there are bargains to be had.
"We have a bumpy road ahead of us, but I keep on stressing, it will create a lot of attractive opportunities," he told CNBC.
He cautioned investors to focus on economic conditions rather than Federal Reserve policy decisions.
"If you already have exposure, wait a little bit, there are going to be even more attractive positions — there are still people stuck in those markets looking to get out," he said. "We're going to look back on this, and this is going to be a very attractive stage."
"It's one of these things that happens once a decade ... but be careful because it's going to be incredibly volatile in the next few months," he added.
Though some in the market still think the Fed could act this week, the view that faltering global growth could push a move to the end of the year - or even into 2016 - is gathering steam, Reuters reported.
Some analysts suggest China's slower economy and turbulence in the financial markets might prompt the Fed to postpone raising rates for the first time since 2006. But the Fed's deputy chairman, Stanley Fischer, recently said he saw a "pretty strong case" for raising rates.
Former Treasury Secretary Larry Summers says hiking rates right now “doesn't seem like a prudent risk” that the Federal Reserve should take.
Data on the three topics the central bank cares about most (inflation, employment and financial stability) are all indicating the central bank should hold off on raising interest rates, he told CNBC.
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