It’s been a ‘V-shape’ market since March and a healthy correction would enable this market to have a longer life, said Lawrence Glazer, managing director at Mayflower Advisors.
“I think the [market pullback] will allow a lot of people who have been looking for a pullback to get an opportunity to buy in,” Glazer told CNBC.
Glazer said he expects consumers to remain frugal for a long time.
“This frugality trend has legs and it is a long lasting trend,” he said. “Consumer credit is going to be more difficult to obtain and more expensive.”
He advised investors to diversify their portfolios by investing outside the U.S. “Investors need to look globally…That is diversification. Diversification means global exposure,” Glazer said.
No immediate information was available for Glazer or his firm.
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