Markets are set for a wild day of trading on Friday as volatility takes hold following a historic sell-off around the world.
Market sentiment has hit the floor because investors are so disappointed by the response of policymakers so far, he said.
"Paradoxically, this growing bear market is exactly what is needed to force action from fiscal and monetary authorities," Savary said, adding that this increases the likelihood of large fiscal packages which provide a sharp rebound in the context of "bombed out" sentiment, though the "durability of the rebound remains tenuous."Some are seeing the historic sell-off as an opportunity to capitalize on low stock valuations.
Jeff Henriksen, CEO of Thorpe Abbotts Capital, told CNBC on Friday that he had been buying all of this week, based on a long-term "value-oriented" approach. Thorpe Abbots' base case is that while the economy will take a sharp hit, the impact will be temporary unless there is a "huge credit crunch," though Henriksen suggested that monetary and fiscal policymakers will have to do more in the coming days and weeks.
"It is a special kind of fear that is really gripping people right now, and I think it is creating dislocations in markets that we look at," he told CNBC's "Squawk Box Europe."
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