Given the market’s sharp volatility as of late, it’s a good time to buy high dividend, blue chip, multinational stocks, says Ashok Shah, chief investment officer of London & Capital.

As a measure of the volatility, just look at the Standard & Poor’s 500 Index. It dropped about 20 percent from its April high to its Oct. 4 low, and since then has surged 13 percent.

Swings in views about the European debt crisis and the strength of the U.S. economy have helped cause the up-and-down pattern. So how should investors react?

"What we need to get back to is fundamentals," Shah tells CNBC.

“There are a lot of global multinationals who have been neglected and are beginning to look very attractive. . . . You are able to buy global multinationals at no premium."

And many of these stocks have attractive dividend rates of more than 3 percent.

"We are in a world of zero interest rates, and anybody who can cross the 2-3 percent threshold starts to look very effective," Shah says.

He says free cash flow is even more important than dividends and that investors should seek at least 6 percent in this measurement.

William Nygren, the star manager of Oakmark fund, also favors large-cap blue chips. “There’s an amazing list of large-cap names where you can get over a 3 percent dividend yield,” he tells The New York Times.

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