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CNBC ON DIGG

Pequot's Wien: 2009 Won't Be That Bad

By: Brooke Sopelsa, Writer/Producer | 24 Dec 2008 | 11:00 AM ET

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Byron Wien, chief investment strategist at Pequot Capital Management, told CNBC Wednesday that 2009 will be better than most people expect. Wien shared his insight on the markets and the economy with the Squawk Box crew Thursday morning.

Corporate Bonds, Oil & More

“[Corporate bonds] are the most attractive place. You can get very good returns…close to 10 percent in quality corporate bonds, and a possibility for capital appreciation as well. That’s a very attractive area, and I don’t think the stock market can really recover with any verve until the bond market starts to do better.”

Looking Ahead to '09

“I think [Wall Street] is forever changed. You have three major firms – Merrill, Bear Stearns and Lehman – go out. Really only Goldman Sachs [GS Loading... () ] and Morgan Stanley [MS Loading... () ] are the only firms left. I never thought I would see a year where the market went down 40 percent in ten months. I think the economy’s going to recover and the market’s going to recover, but it isn’t going to be a snapback recovery that we’ve seen in earlier cycles.”