Stock Market Turbulence Won't Last: Ron Baron

Ron Baron
Chip East | Bloomberg | Getty Images
Ron Baron

Buy-and-hold billionaire Ron Baron's message to investors: "Don't worry" about the stock market gyrations touched off by Federal Reserve Chairman Ben Bernanke's taper comments.

Baron wrote in an email on Thursday night to CNBC's Becky Quick that he doesn't "think turbulence will last." He blamed computer trading and persistent fear among traders who "remember [the U.S.] almost had [a] Depression five years ago."

The chairman and CEO of Baron Capital said America "narrowly escaped" an economic catastrophe due to the "brilliance of Bernanke" during and after the financial crisis.

The Dow Jones Industrial Average dropped 3.66 percent Wednesday and Thursday after the Fed chairman said policymakers could scale back the central bank's $85-billion-a-month bond-buying program later this year if the economy continues to improve.

(Read More: Fed Shakes Global Markets as Interest Rates Rise)

However, U.S. stock futures on Friday morning indicted a sharply higher open.

Baron said he doesn't see "three-year doubles" for stocks. More like "nine or ten for market," he continued, "maybe five or six for us."

With more than $20 billion under management, he said his investment firm doesn't have enough money to "take advantage of all opportunities we see."

(Read More: US Stocks Seen Higher on Global Rebound)

"Lots of credit" is available and "it's cheap," he said, adding that businesses are doing well, the economy is strengthening and valuations are attractive.

He said Baron Capital saw record daily inflows and commitments on Thursday.

When Baron last appeared on "Squawk Box" in February, he explained his investment philosophy.

(Squawk Flashback: Dow Should Hit 30,000 in 10 Years: Baron)

"Over the long term, I think the stock market is going to grow 7 percent a year," about the same rate as the overall economy, not adjusting for inflation, he had said, adding this has been the norm for generations and he doesn't see that changing.

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.