It's a confusing time to buy shares right now.
Even after a 125 basis point rise in the past couple of months, the Reserve Bank is poised to deliver another super-sized hike in August.
Will such drama trigger a recession?
At the very least the economy will slow down considerably, which is exactly what the central bank wants in order to bring inflation down.
If all this is causing you a headache, perhaps it's prudent to look at what ASX shares the experts are buying.
Here are three tips from two professional investors:
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'Wide economic moat'
James Hardie Industries plc (ASX: JHX) shares have lost a painful 39% so far this year.
But Bell Potter Securities investment advisor Christopher Watt likes the long-term outlook.
"This building materials company mostly services the residential construction industry with its flagship fibre cement range," he told The Bull.
"James Hardie's wide economic moat should protect its ability to earn above its cost of capital over the economic cycle."
Watt's peers agree, with 12 out of 14 analysts surveyed on CMC Markets currently rating the ASX share as a buy.
"Despite a challenging macroeconomic backdrop, we view James Hardie as an attractive long-term value proposition."
'A strong fiscal year 2022 result'
Recession or not, who doesn't love a bucket of Kentucky Fried Chicken?
The quick-service restaurant industry enjoyed great patronage over the COVID-19 lockdown era and usually shows resilience through economic downturns.
Spotee Connect executive chair Elio D'Amato has noticed that shares for the franchisor of KFC in Australia, Collins Foods Ltd (ASX: CKF), have bounced back from a June trough.
The ASX share fell nearly 40% year-to-date until 17 June, but has since gained more than 19.4%.
"The KFC operator delivered a strong fiscal year 2022 result," he said.
"It grew group revenue by 11.1% on last year's prior corresponding period. Earnings per share grew by 24.9% and its fully franked dividend was up by 17.4%."
Collins Foods also runs KFC and Taco Bell franchises in other countries too.
"The European business is reporting same-store sales growth of 12% in the first seven weeks of the new financial year."
'A high-quality technology story'
What goes well with chicken? Chips.
While there is no ASX-listed share specialising in fried potato, Altium Limited (ASX: ALU) is an important player in the computer chip industry.
The Australian company makes software that allows chipmakers to design printed circuit boards (PCBs).
Like most technology stocks, Altium shares have deflated considerably this year, losing around 34%.
Despite this, Watt likes the long-term narrative.
"Altium is a high-quality technology story," he said.
"[It] has been steadily increasing its recurring revenue base over the past decade, with a shift to subscriptions."
With the valuation down so much this year, Altium could also attract some corporate interest.
"In our view, Altium is also a potential takeover target," he said.
"US engineering software giant Autodesk Inc (NASDAQ: ADSK) lodged an indicative bid at $38.50 a share, but the deal failed to materialise last year."
