Siegel, speaking on CNBC's 'Squawk on the Street' as the stock market extended its dramatic sell-off, said stocks will bounce back.
"This could be a really tough year, but 2021, '22 onward, there's no reason not to say we're going to snap back from this. We always have," Siegel said.
Siegel said that he did not believe there would be a recession in the United States due to the outbreak, and that in the worst case-scenario earnings could fall by as much as 30%. He said this did not pose "systemic" problems like in the financial crisis.Stocks have fallen far enough that they are now at a reasonable value, and investors sitting on the sidelines should start to buy in, he said.
"If you've got some cash now, time to put it to work. Don't get nervous if it comes down another five or 10%," Siegel said. Siegel also reiterated his call for the Federal Reserve to cut interest rates to help manage the markets during the coronavirus epidemic. "I think the Fed should act again. Let's make some room there for easing on the financial side," Siegel said.
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