March 16, 2020
Starwood Capital Group founder Barry Sternlicht has good and bad news for the stock market. He told CNBC on Friday he expects the stock market to mount a fast recovery once the worst of the coronavirus outbreak is over.
“This is going to be really bad, really fast,” said Sternlicht. “We are using this as buying opportunities in the public markets.”
Sternlicht said on CNBC’s “Squawk Box” he sees a “V-shaped, almost for sure” bounce for the market, meaning a quick down and a quick rebound.
He called the outbreak a short-term issue that “will be finished here, whether it’s 30 days or 60 days or 90 days.”
Added Sternlicht, “I ran Starwood Hotels through 9/11, through SARS, though the financial crisis. Hotels came back. Everything came back. This will be even faster because this is really a health-care scare. And all the bad news is roughly out there.”
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