Investing veteran Stephen Weiss said he’s still patiently waiting to deploy capital in the stock market as Wednesday’s cooler-than-expected inflation report didn’t serve as an all-clear. “Inflation is still stubbornly high,” said Weiss, a regular on CNBC’s “Halftime Report.” “I’ll be opportunistic and buy stocks as they come my way. … I think my job as a professional is to preserve capital. I wouldn’t sell anything that I had. I would definitely wait to deploy money.” The consumer price index rose 0.1% for March against a Dow Jones estimate for 0.2%, and 5% from a year ago versus the estimate of 5.1%. Excluding food and energy, the core CPI increased 0.4% and 5.6% on an annual basis, both as expected. The chief investment officer at Short Hills Capital Partners believes that the market valuation is still too high even as earnings declined. The S & P 500 is currently trading around 18 times forward earnings, compared to its historical average of 14 to 15 times. Weiss said he’s going to be opportunistic until there’s clarity of the economic picture. He revealed that he recently bought some UnitedHealth . See the video above for Weiss’s full playbook.
