Hedge fund guru Joel Greenblatt thinks the next year is setting up to be a good one for stocks.

“Not only is the market cheap, but the value opportunity is really nice right now,” Greenblatt said at the Value Investing Congress in New York, according to The Wall Street Journal.

“Greenblatt … opened the conference with a presentation packed with statistics showing how stocks are cheap and opportunities plenty for value investors,” writes the Journal’s Steve Eder. “But, he said, money managers tend to shy away from value investing because it can take years for bets to pay-off — which can leave their investors feeling impatient for results.”

“You have to perform over the short term,” Greenblatt said. “That performance pressure causes people to systematically avoid companies that don’t look so great for the next year or two.” If you’re patient, however, you can take advantage of the resulting bargains, he says. He says he’s “pretty optimistic about the coming year.”