Famed investor Mike Novogratz says 'liquidity tsunami' from stimulus will drive investors to buy any dips from Biden's tax plan
Mike Novogratztold CNBC on Friday that any dips in the market from Joe Biden's tax plan will be buying opportunities for investors, as the next stimulus will provide a "liquidity tsunami."
Galaxy DigitalCEO said he expects a blue wave victory and subsequent volatility in the marketsas investors react to Joe Biden's tax plan.
- He added: "I had been bearish on one point, and I finally had to wave the white flag. The liquidity tsunami is just too big, with long rates as low as they are, I think you're going to continue seeing people pour into speculative assets."
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Famed investor Mike Novogratz told CNBC on Friday that any dips in the stock market from Joe Biden's tax plan will be buying opportunities, as the next fiscal stimulus will provide a ton of cash.
The Galaxy Digital CEO said he expects the Democrats to win both the White House and Congress, and that sentiment around Joe Biden's tax plan will cause some volatility after the election.
However, Novogratz said markets are more focused on the liquidity coming from the next fiscal stimulus. Even a $1 trillion stimulus will be worth 5% of US GDP, he said.
"We're going to have some volatility around Joe Biden's tax plan, and maybe it gets people a better chance to buy stocks, but people are going to be buyers on dips," he said.
The bitcoin investor added: "I had been bearish on one point, and I finally had to wave the white flag. The liquidity tsunami is just too big, with long rates as low as they are, I think you're going to continue seeing people pour into speculative assets."
With less than two weeks before Election Day, Washington has still not come to a deal on the next stimulus plan. House Speaker Nancy Pelosi said on Thursday that she and Treasury Secretary Steven Mnuchin are "just about there" on reaching an agreement. She previously said she hoped to reach an agreement before the weekend.
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