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STORY: Betz said he likes the "really boring, very high credit-rated U.S. intermediate-term bonds that are still trading at discounts."

"As long as you hold them to maturity each year, you're going to make a yield plus a piece of capital appreciation," he added.

Betz said the second area he likes, which he has "not liked it in years," is international bonds.

With the U.S. Federal Reserve on the verge of cutting interest rates, the dollar will weaken "in a healthy way," Betz explained, making international bonds more appealing.