The U.S. stock market is the place to go for investors wanting to come back to shares after a decrease of more than 50 percent, and some timid attempts at rebuilding ravaged portfolios are already taking place, Robert Doll, BlackRock vice-chairman, told CNBC.
There are two categories of investors in the market right now, those who are simply running away saying "I don't need this, the recession looks nasty" and those who are staying just to recoup some money, Doll told "Squawk Box," adding that a third category of bottom-fishers is slowly emerging.
"We're still above average in cash but slowly but surely putting that money to work in what believe is a bottoming process," Doll said.
In the U.S., the monetary and fiscal policy stimulus has been much higher, so the country will be the first to recover from the recession, he said.
"We think we have somewhat higher predictable earnings than the rest of the world. We believe therefore investors should not be bashful when they want to put money in equities to do it here in the U.S.," Doll said.
A plan announced by President-elect Barack Obama at the weekend to spend on the biggest infrastructure investment since building the highway network in the 1950s will contribute to the economic revival, because the government will step in to fill the gap left by consumers' becoming more prudent and cutting expenditures, he added.