Kevin O'Leary knows when he likes an investment, and the current beaten-up stock market meets his requirements. On Wednesday, when both the Dow Jones Industrial Average and S&P 500 saw 2018 gains wiped out, and the pummeling in the tech stocks left the Nasdaq down 8 percent for October, O'Leary was buying.
"I am bullish on the American economy and this too will resolve itself," O'Leary, the Canadian entrepreneur and "Shark Tank" star, said at the CNBC Disruptor 50 Roadshow in Philadelphia on Wednesday afternoon. "To me, this is a garden variety correction, could correct as much as 22 to 25 percent, and if you can time the market, great, but I am just adding to my positions. I did again today."
Channeling his best Warren Buffett "be greedy when others are fearful" quote about when to buy more stocks, and what he sees right now as the "blood on the streets" mentality that can wrongly grip investors, O'Leary added, "Everyone is saying it is over, never going up again .. I'm starting to get that feeling now, and I like it."