Stock prices have come down very dramatically across all sectors and 5-year returns for long-term investors today are very good, said Bill Nygren, portfolio manager at Oakmark Fund.
“The stock market is very cheap, and I don’t think the government has an interest in being a long-term meddler in the economy,” Nygren told CNBC at the Morningstar Investment Conference in Chicago. “We’ll see them recede from their involvement.”
He said that the long-term outlook for stocks is “very, very favorable.”
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