Rosecliff founder and managing partner Mike Murphy explained his decision to invest in Disney, Peloton, and Nike amid the latest market selloff on "Varney & Co." on Tuesday. Murphy also told host Stuart Varney he believes the selloff might be over for the time being, but viewers should not panic and remain invested during the next selloff period.
MIKE MURPHY: Actually I'm not going to say yes to it, I believe it is, but it may not be. We could see more selling here. We had a big rally in the last two trading days, so we could see more selling. But the biggest thing is Stuart, if we see more selling now, or when we see more selling in the future, it's for your viewers not to panic and sell and then not to know what to do when the market rallies. So far, we're still batting 1000. Whenever the market has corrected, it's gone on to new highs. Sometimes it does take a longer time. Sometimes it takes a very short time. The best place for your viewers is to be invested.
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