trying to buy the dip in a beaten down market might feel similar to stepping into a clearance sale at your favorite store everythings on sale and screams buy but with no guarantee that the recent uptick in markets is anything more than temporary investors are stressing the importance of being selective if adding to ones portfolio with this in mind one stock stands out for charles lieberman cofounder and chief investment officer at advisors capital management i think that the us stock market has a lot of screaming buys … most of the banks strike me as extremely cheap especially the large banks liberman told cnbcs squawk box europe on friday the kbw bank index which tracks the performance of major banks and thrift institutions is down around 20 this year as investors weigh the growing risk of a recession with potential gains in margins from higher borrowing costs the federal reserve raised its benchmark interest rate by threequarters of a percentage point this month and signaled that a similar hike could be on the cards in july some market watchers believe this could mark the start of an aggressive rate hike cycle reminiscent of 1994  rising rates are a doubleedged sword for banks although they typically benefit lenders the sector has come under pressure amid fears that a miscalculation by the fed could tip the economy into a recession within the banking space liberman believes jpmorgan is the probably the most expensive he attributes this to the leadership of ceo jamie dimon and believes the bank deserves the premium the rest of the money center banks are all very cheap some of them are ridiculously so citigroup is trading at about 50 of book value that makes no sense liberman said book value is a companys total assets minus its liabilities there are some real screaming buys in the us bank sector and there are a lot of other sectors that have excellent values as well he added read more these bank stocks did well during the 1994 fed rate hikes and could be about to do so again these global stocks look oversold and analysts are expecting a rebound with recession fears surging ubs dips into the history books to predict what could happen impossible that the us economy is weak despite growing recession fears liberman continues to see considerable momentum behind the us economy thats despite declining consumer sentiment in the us the university of michigans survey of consumers a widely followed consumer sentiment survey released friday showed overall consumer sentiment fell to a record low  i think much more important than that is the behavior of the job market we have been averaging over 400000 jobs per month in the us and as long as thats the case it is impossible to say that the us economy is weak liberman said he noted that 400000 jobs also generate a lot of income for consumers income that they are willing to spend consumers spend income they dont spend confidence and theres a lot of stuff going on between ukraine and domestic politics that makes the consumer very unhappy but they still want to spend they still want to go away on vacation theyre still coming out of hibernation of the pandemic and they are going out and trying to spend liberman added