Scott Minerd: I'd Take Art And Real Estate Over Stocks, Market Will “Overshoot” The Bottom On Tech Stocks

Chief investment officer at Guggenheim, Scott Minerd, said this week that if was given $10,000 to invest on a five year horizon, he would steer clear of stocks and would put the money either into art or real estate. 

Additionally, he added that he’d like to see stocks lower before investing in the market, according to a Yahoo/Bloomberg writeup.

Minerd believes that the Fed is going to continue on “auto-pilot” until such time as the market sees a real, panic-driven sell off. 

He also told CNBC that he thinks tech stocks are fairly valued, but that they will experience further pain because markets “tend to overshoot” to the low side during these types of repricings. He said the VIX needs to be over 40 and closer to 50 to mark a bottom. 

He is looking for markets to fall 20% in a week or two in order for the Fed to consider pivoting. 

Finally, he noted that he thought the “majority of crypto is garbage”, but that Bitcoin and Ethereum would wind up surviving the market chaos.

However, he said that if crypto is going to wind up as a currency, we haven’t had the correct prototype yet.