Chuck Akre, who has an exceptional long-term track record as a fund manager, is cautious about the coming years, but is still finding some opportunities in the stock market.

“I’m particularly cautious,” Akre tells CBS MoneyWatch. “Consumers are dramatically under-employed. They’re afraid about losing their jobs if they have them, they’re afraid they won’t get a job if they don’t. … We won’t have the discretionary dollars to spend that we did in the last decade.”

Akre has long held a very focused portfolio, and says he is trying in 2010 and beyond to “better integrate my world view into my stock selections. We think it gives us a little more protection in an uncertain market and an uncertain economic environment.” While that means he’s cautious and very selective, there are some stocks he likes. Click here to read another CBS MoneyWatch article that details three of his top picks.