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 chance in 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 S&P 500, 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."