Time To Buy Financials, Picker Says

Andrew Fisher
Thursday, 12 Jun 2008 | 12:07 PM ET

"We've had a bear market," David Katz of Matrix Asset Advisors told CNBC. "We think the next move in the market is going to start to discount a better '09, and a lot of these problems being resolved, and so we'd be buying into this weakness."


Not only is Katz buying, he's buying financials, specifically, Merrill Lynch and Morgan Stanley.

"We think if you have a 12-month time horizon, the brokers and the banks are going to be a very good place to be," he said. "You can't have an economy without a financial system."

But what about the freshly-surfaced problems at Lehman Brothers?

"We think Lehman, while significant, is probably more company-specific and a crisis of confidence with management than a significant change in fundamentals," he said.

Market Pulse Check
A look at where this market is headed, with David Katz, Matrix Asset Advisors and Barry Ritholtz, Fusion IQ


Disclosure information for David Katz involving Merrill Lynch and Morgan Stanley was not immediately available.


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