Steven Leuthold says investors are now faced with the best opportunities in 46 years.
"We're down in the low 6, 7 percent of historical valuations, when we look at P/Es," the founder and chairman of Leuthold Weeden Capital Management told CNBC. "To me, it's like a kid in a candy store! We've got values all over here for people that are patient."
So, where is "here?"
"Normally, in the first stage of a new cyclical bull market, where we think we are, the small caps are typically the leaders off the bottom," he said. "I think the small caps look more encouraging over, say, the next six to nine months than the large caps."
He finds small-cap biotech stocks and green-wave technology stocks particularly promising.
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Disclosure information was not available for Leuthold or for his company.