The 10 percent drop in the S&P 500 index between Sept. 19 and Oct. 15 — and the surge in volatility that accompanied it — may have caused agita for some investors.
But it represented a buying opportunity for hedge fund star David Einhorn, founder of Greenlight Capital
"The last few weeks have been a little bit choppier, and there has been opportunity presented by some selling that's gone on," he told
CNBC.
The CBOE Volatility Index (VIX) soared 109 percent between Sept. 19 and Oct. 15.
"We've been feeling fortunate, because it was very hard a few months ago to find opportunities," Einhorn said. "And in the last couple of weeks we've been able to pick up a bunch of things that we were excited about."
Meanwhile, he said the Federal Reserve is removing its stimulus too slowly.
"I think they're behind the curve in terms of helping the economy," Einhorn said. "It's like too much of a good thing. They're actually slowing down the economy, even though they don't realize that they're doing that."
When the Fed finally does increase rates, "it might be bad for Wall Street, but I think it would be good for the real economy and everyday, normal people out in the world. Ultimately, you'd have faster GDP that would come from that," he noted.
"So, yeah, there would be a little hiccup in the market, but I think that would be a good thing to have happen."
Henry Blodget, editor-in-chief of Business Insider, doesn't share Einhorn's enthusiasm for stocks at this point.
"Unless something has changed that makes the past 115 years of market history irrelevant (always possible, but probably not likely), it would not be surprising if the biggest bull-market peak in market history was followed by one of the biggest bear-market workouts in history," Blodget wrote on the news service.
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