Waiting for market bottom is a mistake and investors should buy now, David Rubenstein says

David Rubenstein said Wednesday that investors should act now instead of waiting for the stock market to go down.

The Carlyle Group co- founder said that people shouldn't be afraid to buy now.

The U.S. stock market has not had a lot of discounts in the last 10 years. Many names are trading at a relative discount now that the stock market has fallen into a bear market. Through Tuesday's close, the S&P 500 was down more than 15% and off more than 23% from a record set in January.

It will take Federal Reserve rate hikes and policies from Congress to make a difference in inflation, according to Rubenstein.

He said that investors should buy now instead of waiting for the market to bottom.

He said that finding the bottom in the market is not a good idea. I think waiting to the absolute bottom is probably a mistake.

The market is close to the bottom compared to the top. He doesn't think the stock market will fall another 50% or 25%.

Some people aren't as positive about stocks. Paula Volent, Rockefeller University vice president and chief investment officer, said during Wednesday's event that the macro environment is "very scary to me."

She said that her cash allocation is the highest it has ever been.

She recommends that investors take advantage of the market. She said that you have to find active management and go into areas where you can make money.