Oakmark Fund's Bill Nygren (Trades, Portfolio) discussed his outlook for the market heading into 2021 as Pfizer's (PFE, Financial) Covid-19 vaccine has begun being distributed in the U.S.
"One of the things being a value investor means is you predict that things get back to normal faster than most people," Nygren told CNBC's "Squawk on the Street" on Monday. "Most of our holdings today benefit from things getting back to normal like they were in 2019. I think once most of the population has had an opportunity to be vaccinated we'll see a very rapid return to what we used to think of as normal."
Nygren said he could see most people being vaccinated by the second quarter, and does not expect the U.S. to return to the lockdown-state we have experienced for the majority of the year.
He also discussed some of the stocks he believes will get a boost if the vaccine is successfully distributed throughout the country, which include Ally Financial Inc. (ALLY, Financial) and Capital One Financial Corp. (COF, Financial).
Watch the full clip below.
Disclosure: No positions.
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