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Jun.12
12:07 PM ET
Thursday, 12 Jun 2008
Time To Buy Financials, Picker Says

"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."

Recommendations:

Not only is Katz buying, he's buying financials, specifically, Merrill Lynch [MER  Loading...      ()   ] and Morgan Stanley [MS  Loading...      ()   ].

"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 [LEH  Loading...      ()   ]?

"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.

Disclosures:

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

Disclaimer

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