On the distant investment horizon, Oakmark Fund portfolio manager Bill Nygren sees some bright lights.
"As a long-term investor, if you think about normalized P/Es being mid-teens multiples, if you think about growth having been deferred a couple of years, rather than eliminated, if we see stocks getting back up to 15 times earnings, and seeing earnings recover in a couple of years, there are lots of companies that that would create a double in price from today's levels," Nygren told CNBC.
Recommendations:
Asked to name names, Nygren begins with American Express.