Novogratz said his fund had long believed there was a cyclical global recovery ongoing in Europe, Latin America, US and Asia. So long as countries could "control the stresses in time before it impacts the psyche of the market, the recovery can last," he said.
But with market pressures refusing to let up, he's changing his approach:
"When the rules change, and we had a rule change yesterday [in Germany]…it gets people nervous," he said. "That starts impacting both investor psychology but also CEO psychology."
"Usually when markets crack as severely as they're cracking today, it's the start of a new regime."
- Strategist: Europe Stocks 'Will End Year Higher'
What He Said Last Time:
- Novogratz' Latest Appearance on CNBC (February 26, 2010)
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Disclosure information was not available for Novogratz or his company.