Stocks may be coming off their worst week in about two months, but Bryn Mawr Trust’s Jeffrey Mills warns there are few bargains.
He believes Wall Street isn’t accurately pricing in pain of the economic shutdowns.
“We don’t love the risk-reward right now in the stock market,” the firm’s chief investment officer told CNBCs “Trading Nation” on Friday. “We did use the rally above 2,800 [on the S&P 500] to lighten up a little bit on equities.”
It’s a strategy he outlined on the show in late March. By mid-April, he was cutting his exposure, and it’s a move he doesn’t regret.
“The market is trading right now at about 20x forward earnings. I think that multiple is just a little bit high considering…