Closely followed stock market strategist Bob Doll believes investors are in a win-win situation, as the Federal Reserve ponders when to start tapering its $85 billion monthly bond-buying program. The Nuveen senior portfolio manager also said investors are buying stocks because they're sick of making zero returns on their cash.
"I don't want to act like I can win both ways, but in a sense I can," he told CNBC's "Squawk Box" on Friday. "If [the Fed] keeps providing all this liquidity it's great for the stock market, and if they begin to taper it's because the economy is doing better. Then I get a better 'E' on my earnings front. So I'm reasonably sanguine."
(Read more: Missed taper chancein September: Fed's Plosser)
It's not surprising, since the major stock indexes posted strong gains for September and now October. The Dow Jones Industrial Average, the , and the Nasdaq ended last month with their first two-day losing streaks in more than three weeks.
"I talk to a lot of retail investors, and financial advisers and their clients are tired of getting zero," said Doll. "They're watching the stock market go up, and they're just buying some stocks."
—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.