Here's what the bulls say:
"Don't worry" about the stock market gyrations touched off by Ben Bernanke's taper comments, Ron Baron, CEO of Baron Capital, wrote in an email to CNBC's Becky Quick.
The buy-and-hold billionaire doesn't "think turbulence will last" and blamed computer trading and persistent fear among traders who "remember [the U.S.] almost had [a] Depression five years ago."
"Over the long term, I think the stock market is going to grow 7 percent a year," about the same rate as the overall economy, not adjusting for inflation, Baron said, adding this has been the norm for generations and he doesn't see that changing.
(Read More: Is the Drop in Financial Markets an Overreaction?)
David Tepper, head of widely watched hedge fund Appaloosa Management, also said Fed tapering may be good news.
"All the concern in the markets is because the Fed sees the economy stronger in the future," he said in a statement.
"The bond (market) is concerned about the strength," he wrote. "A 10 (year) bond at 2.4 or even at 3 (percent) if it's because of strength is ultimately healthy. I obviously thought they should start to taper. Bottom line when the dust settles only one place to be STOCKS. "