Investors should be taking advantage of the market’s steep coronavirus-driven sell-off from February highs, Morgan Stanley’s Mike Wilson told CNBC on Thursday.
“We’ve been scaling back into stocks over the last two, three or four weeks. We’re not going to catch the bottom exactly,” the firm’s chief U.S. equity strategist said on “Squawk Box.” “We think this is probably the best risk-reward we’ve seen for investors in two years.”
Wilson, who had been among Wall Street’s most bearish strategists, had been arguing often that stocks had become stretched last fall and into 2020.
But now the S&P 500 has fallen into bear market territory, sitting as of Wednesday’s close 27% below its Feb. 19 highs. While Wall Street is coming off back-to-back daily gains for the first time since last month, Wilson said investors should focus on the relative price of assets, not whether they have reached their bottom.
“No one is good enough to call this stuff to the day and to the dollar,” he said….