Worried money managers who are fretting about the recent market correction and the future of their portfolios just need to follow the advice of legendary investor Warren Buffett, according to one investment manager.
"What do you do if the market drops from here? Warren Buffett famously says 'If I see a sale in my favorite store, I go and buy some more of the stuff I like'," Saker Nusseibeh, CEO of Hermes Investment Management, told CNBC Thursday.
Markets in the U.S. had dropped 10 percent at one point last week — pushing into correction territory — following a data release in the U.S. that sparked fears over a stronger-than-expected uptick in inflation. Market corrections are often seen as a buying opportunity for many investors as they quickly reduce the value of equities. Nusseibeh's comments highlight Buffett's famous line from 2008 when he said: "Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."
According to Nusseibeh, now that markets have slightly come off their recent highs, and given that economic growth is strong and there are good prospects for solid earnings, it's the moment to seize the opportunities in the stock market.