Buy Bank Stocks for 2010: Chief Investor
Markets closed higher on Monday on investors' increased appetite for risk—but opened lower Tuesday on rising inflation concerns. Jeff Mortimer, chief investment officer of Charles Schwab Investment Management, shared his outlook for 2010.
“We think that the market is dependent upon what the [earnings] are next year,” Mortimer told CNBC.
Mortimer said it is important for investors to have exposure to financials in their portfolios.
“What I worry about the individual investor is that they’re underweight financials,” he said.
“A lot of taint has been put on that sector of the market...[but] individuals should make sure that they get to a market weight of 10 to 15 percent...even though it doesn’t appear that you want to own them.”
- Watch Mortimer's Previous Appearance on CNBC (Nov. 30, 2009)
Mortimer is Bullish On:
KBW Bank Index
Other Investment Views:
- 'Fast Money' Traders: Bank Stocks after Obama Meeting
- Bank Stock Picks For 2010: KBW Chief Strategist
- Cramer: 10 Stocks to Buy Your Kids in 2010
CNBC Data Pages:
Where the Top Financials Stand:
Bank of America
No immediate information was available for Mortimer or his firm.