The stock market’s sell-off Wednesday on worries about the political turmoil surrounding President Donald Trump is not a cause for concern, O’Shares ETF investment chairman Kevin O’Leary told CNBC.
“This is just a pause that refreshes,” O’Leary said Wednesday on “Halftime Report.” “We’ve been waiting for a correction like this. It’s not a big deal … It’s gonna go away. And I think the rally continues. I’m extremely bullish about the markets.”
U.S. equities fell sharply a day after The New York Times reported that former FBI Director James Comey wrote a memo that said Trump had asked him to end his probe of former national security advisor Michael Flynn’s connections to Russia.
The Times report came a day after The Washington Post reported Trump divulged highly classified information to Russian officials, and a week after Trump fired Comey.
The news prompted questions on whether the president attempted to obstruct justice.
O’Leary said Americans are still getting used to the president’s style, and added he took the opportunity on Wednesday to buy mid-cap stocks. “Sell them down for me, I’ll buy them,” he said.
“At the end of the day, America doesn’t care,” he added.
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Kevin O’Leary.