Fidelity International head Anthony Bolton advises investors to ignore the current economic outlook when deciding where to put their money.

The economy, Bolton says, invariably looks great at tops and horrible at bottoms.

"The stock market is an excellent discounter of the future. It normally moves on what investors expect to happen in six to 12 months' time," Bolton writes in the Financial Times.

"If you wait for the news to get better or worse, you will miss the market's turning point."

However, Bolton strongly advises most investors not to try to time markets.

"It is better to take at least a three-year view when buying equities and not to attempt to switch in and out," he says.

Betting on the market means investors can't benefit from the law of averages, Bolton points out.

"Predicting the future for one company is easier than forecasting the outlook for all companies," he says. "I would much rather take 100 positions in individual stocks where I believe I have an advantage in analyzing them."

Apax Partners CEO Martin Halusa concurs.

"We do not believe in timing the market; we follow a strategy followed for many years based on sector insight, proprietary deal-flow, and a focus on growth in large but not "mega" deals," Halusa told The Wall Street Journal.

"This strategy was right at the peak of the market and is the right one to employ in a downturn."