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