Dreifus thinks that he had an advantage in the 2008 crisis because he had been through 1973 and 1974 as a portfolio manager. The strategy he employed during the crisis as a portfolio manager was to buy stocks on days the market was going down, and to sit tight on days that the market bounced back.
This helped both to dollar cost average effectively and keep as much dry powder for further market drops as possible.
Ultimately what drives portfolio manager performance according to Dreifus is the conviction that a manager has in the names he owns.
Today Dreifus thinks the stock market is fairly priced at best. It is easier to find things to sell these days than it is things to buy.
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