Legendary financier Foster Friess told FOX Business that investors should buy individual companies and that the Federal Reserve's rate hikes and the controversy surrounding Brexit is not helping the markets.
Continue Reading Below
“Never invest in the stock market. Invest in individual companies and then just stick with them until you find something better and replace it,” he said on Wednesday.
Friess, founder and former CEO of Friess Associates, an investment management firm based out of his home state of Wyoming, said his success was built on a simple investing philosophy based on the three elements that drives a stock price.
“Those three things are earnings, earnings and earnings,” he said on “Making Money with Charles Payne.”
Friess met with Vice President Mike Pence and several Senators on Capitol Hill Tuesday where they discussed creating a bipartisan environment, which he says will be beneficial to the markets.
“Although I think earnings are what drives a stock, I think to have an environment where people seem to be getting along better I think would be a great sign,” he said.