Buy on the prospect of deregulation. Sell on the enactment of deregulation.
That's the strategy that billionaire investor Marc Lasry is implementing, according to an interview with CNBC in Las Vegas on Thursday. He said that the market has priced in deregulation, and by the time actual legislation is executed, it will not be as much as "everyone thinks it is."
Still, because of the excitement in the market over things like tax cuts and loosening banking regulation, he has very little cash on the sidelines.
"We're probably today, more invested than we've ever been," said Lasry, who spoke on the sidelines of the Forbes Shook Top Advisors Summit. "Short term, we think it's all going to be positive."
Lasry, who supported Hillary Clinton in her bid to become president, said some of the deregulation being discussed could be "good for business; it may not be good for people."