Hedge fund manager Ricky Sandler said Monday that he is buying stocks while markets continue their historic selloff.

In an interview with CNBC, the head of Eminence Capital said that he believes that the market reaction has been too extreme.

“I think the people are totally missing what is happening here. Every new headline, every new hysteria is making people more nervous and it’s actually very, very positive,” he told CNBC.  “It’s all helping to contain the problem.”

Sandler expects that economic activity will be reduced for “two to three months” due to the social distancing efforts across the United States. In recent days, states around the U.S. have shut schools, closed restaurants and bars, and announced other agtresive initiatives to reduce exposure to the virus. Sandler noted that the U.S. could see its GDP fall by 10% in the second quarter, double the expectations of Goldman Sachs Group (NYSE: GS).

Ricky Sandler Forecasts Big Bound Ahead

Sandler noted that the markets have lost about $10 trillion in market capitalization over the last few weeks. “It is so far out of proportion I don’t even want to talk about the numbers.”

However, he expects companies to get back to work in the second half of the year.

That has Sandler buying stocks that have strong fundamentals. He is looking at stocks like Marriott (NYSE: MAR) and U.S. Foods

“I get the near-term drop. Its stock is down 60%,” he said about U.S. Foods. “This is one of the most stable businesses in the world.”