Stocks have taken a tumble to start December, and one billionaire business man says he’s using it as a buying opportunity.
“Where else can you go get some kind of a decent rate of return, than equities,” Ken Langone, co-founder of Home Depot (NYSE: HD). “Balance sheets are in pretty good shape. I think the economy has got 1.5% to 2% in it next year.”
Langone said he “was adding to my positions” early this week. “I have so much Depot, it’s not prudent (to buy more).”
So what is Langone buying?
“I added to my JPMorgan (NYSE: JPM) position,” he said.
While JPMorgan shares are up 36% year-to-date, the bank stock shed -2.2% on Tuesday, which is precisely when Langone was buying.
But that wasn’t the only stock Langone scooped up this week.
He also added to his Parker-Hannifin (NYSE: PH) position.
Shares of this motion and control technologies company are up 34% year-to-date and dropped -2.6% Tuesday.
Langone says Parker-Hannifin is “extremely well run,” and has raised its dividend consistently for the past 63 years.
And the last stock Langone bought on Tuesday is General Electric (NYSE: GE).
Langone followed billionaire investor Stanley Druckenmiller into buying back into GE, where Langone was once a director on the industrial giant’s board.
“Stan made a big bet,” Langone said, adding that he thinks GE CEO Larry Culp “is doing a hell of a job.”
While GE shares are down -80% from their all-time highs reached in 2000, the stock is up nearly 43% so far this year.