With most investors cowering in the face of a volatile market, now is a good time for investors to jump into deeply discounted stocks across all sectors, Ken Fisher, CEO of Fisher Investments, told "Squawk Box Europe" Thursday.

"People have had their pants scared off of them. Therefore they are running around basically naked," Fisher said.

"And when people are running around basically naked, they're not very rational, so you don't have to be very rational in the purchase process either, you can be broad spectrum and do it like a shotgun," he added.

Starting from March, almost all economic indicators in the U.S. have been stronger than expected, fuelling inflation fears. Fisher rejected talk of the U.S. going into a recession, saying the Dow Transports index – used to gauge the market's performance – was up for the year, indicating a recession was out of the way.

"The fact of the matter is GDP is up, it's not down," he said. "When U.S. and German GDP first quarter were announced, forecasts were for it to be down -- it was up."

"The fact of the matter is we've had a correction," Fisher said. "People are scared to death and that's impacted pricing."

"That's a beautiful thing," he added.