In distressed markets like now, there are plenty of ASX shares that seem to be cheap.
"You just think that the business is far too cheap for its earnings profile," he told The Motley Fool last week.
"The problem is often that you have a business that doesn't necessarily have significant earnings growth."
With that in mind, a couple of other experts named two ASX shares that are heavily discounted right now that they believe have a bright future:
These pants are on sale right now
Baker Young managed portfolio analyst Toby Grimm describes GPT Group (ASX: GPT) as "a relatively defensive player within the Australian real estate sector".
"It manages a diversified portfolio of high quality commercial, retail, office and industrial assets in key locations across Australia."
In the face of steeply rising interest rates, the GPT share price has sunk more than 27% since the start of the year.
Grimm told The Bull this dip now provides a tempting entry point.
"Following asset disposals, investment mandate wins, and a better-than-expected first half-year result, we believe GPT is attractively priced on an earnings multiples basis and discount to net tangible asset backing."
The reduced share price also means the dividend yield is now up to a handy 5.6%.
Macquarie Australian equity strategist Matthew Brooks this week named GPT as a stock that's trading at one of the biggest discounts to the long-term trend.
"We think these stocks are more likely to outperform in a bear market rally."
Would you rather be a Qantas customer or shareholder at the moment?
All the recent bad publicity that Qantas Airways Limited (ASX: QAN) has copped for its poor service levels may have investors wondering why they would bother to buy.
But many analysts, including Ord Minnett senior advisor Tony Paterno, feel it's far better to be a shareholder than a customer of the flying kangaroo right now.
After all, the airline does operate in a near-duopoly in the domestic market.
"Our positive view of Qantas is supported by a favourable Australian industry structure that should lead to market share gains," he said.
"Given its superior domestic market structure and share, a restructured and more variable cost base, a strong balance sheet and potential upside from the loyalty program, we believe a premium for Qantas is warranted."
Qantas shares are up just 3.5% year to date but have impressively climbed 17.6% since reporting season.