Slow and steady wins the race. That lesson from the Aesop fable about "The Tortoise and the Hare" can also apply to the stock market.
That's the way stock picker Oscar Schafer sees it. "I don't think a low-growth economy necessarily means a bad stock market," he told CNBC on Tuesday.
"Greece had a terrible year last year, and the market was up. China has been growing fast, and the market has been terrible," the Rivulet Capital chairman observed in a "Squawk Box" interview.
Making his case, Schafer also said that a rise in price-earnings ratios is not a reason to worry in a low-inflation environment. "Any time when the CPI was less than 3 percent for the last 47 years, multiples have averaged 18 times."