Renowned strategist Tom Lee says investors should take a 'leap of faith' on select stocks despite a crisis that's 'worse than the Great Depression'

Get the Full StoryCindy Ord Getty Images

The coronavirus pandemic is a crisis that's "worse than the Great Depression," but investors should take a "leap of faith" and invest in stocks that would benefit from the reopening of the US economy, Tom Lee said in a CNBC interview on Friday.

Lee did not waver on his bullish call on stocks, but did say that in the short term, stocks are overbought and the market needs to digest its recent gains.

While a spike in coronavirus cases in some states is a valid concern, Lee is constructive on the fact that individual states can open safely, pointing to states like New York and New Jersey, among others.

Lee said he expects a "binary reaction" in the markets if there is a breakthrough in a COVID-19 vaccine or even cure, and the stocks that stand to perform the best if that happens are the "reopening stocks" like airlines, casinos, and hotels.

"The best-performing stocks after the dot-com crash were the internet names, because the ones that survived were structurally long-term winners," Lee said, in defense of why he is bullish on the stocks.

Visit Business Insider's homepage for more stories.

Tom Lee is not wavering one bit on his bullish call on stocks despite the global coronavirus crisis being "worse than the Great Depression."

In a CNBC interview on Friday, the strategist said investors should take "a leap of faith" and invest in the "reopening" stocks that stand to benefit from the US economy opening back up.See the rest of the story at Business InsiderNOW WATCH: Why thoroughbred horse semen is the world's most expensive liquidSee Also:Day trading for fun is a 'losing proposition,' Wealthfront's investment chief Burton Malkiel warnsDave Portnoy, the poster child of the day-trading boom, told us why he thinks Warren Buffett is 'past his prime' and was wrong to ditch airline stocks10 things you need to know before the opening bell

Share: