Expectations for positive GDP growth and less regulation could help the stock market rally 10 percent in 2017, Marc Lasry told CNBC on Wednesday.
The Avenue Capital Group chairman, CEO and co-founder said on "Fast Money Halftime Report" that an outflow of positive data has boosted the stock market.
Lasry, who supported Democratic nominee Hillary Clinton during her presidential campaign, said his firm didn't have any hedges in the case of either candidate winning the election.
"Our view was if Hillary won, the market was going up," he said. "And that if [Donald] Trump won, the market would be fine, maybe it wouldn't go up as much."
Lasry also suggested that the excitement and optimism surrounding the incoming Trump administration — along with the expectation that it will be positive for the economy — may have initially pushed the market a little higher than anticipated.
The Avenue Capital co-founder says there's potential for the stock market to continue to grow through 2017, assuming economic data remain strong throughout the year, especially economic growth, unemployment and GDP.
"I think the market is definitely expensive, but that's life —right?— and it's going to get more expensive, and the reason is because you're going to have positive numbers," he said. "Unemployment is going down, GDP at 3 or 4 percent means a rising economic environment and you're going to have a rising stock market."