The markets have doubled from the March 2009 bottom and have come a long way since, so investors should be defensive, said William Muggia, president, CEO and CIO of Westfield Capital Management.
“Right now, we’re a little bit defensive on the markets,” Muggia told CNBC.
“You’re seeing some signs of slowing in emerging markets, so we like health care and staples—[we're] being a little defensive.”
Celgene —“It’s the fastest growing biotech—yet only trading at 14 times forward earnings,” he said of the firm.
General Mills —“The cereal category’s improving—they just did a deal with Yoplait and you get a 3 percent dividend yield while you wait.”
Scorecard—What He Said:
- Muggia's Previous Appearance on CNBC (May. 6, 2011)
More Market Intelligence:
- S&P's Most Shorted Stocks
- Market Will Move Higher After Correction: Stock Pickers
- 6 Value Picks for Investors: Strategists
CNBC Data Pages:
Wednesday's Top Dow Gainers (As of Mid-Morning) :
No immediate information was available for Muggia or his firm.