Sam Zell: The Market Has Shifted From 'Extreme Pessimism To Possible Optimism'

According to Zell, there has been a shift from "extreme pessimism" prior to the election to "possible optimism." Although the level of optimism is set to just "possible," it nevertheless represents a "huge psychological difference."

"The fact that the biggest movers in the last week have been industrials — mundane companies that have been the victim of high tech orientation," he said. "At the same time, the FANGs have all gone down because they aren't going to get the same degree of attention that they have gotten so far. I think that is a very positive thing."

The Trump Effect?

Zell continued that the United States needs a leader like President-elect Donald Trump to encourage and lead in an optimistic way, something that has been missing over the past eight years.

Trump's optimism is also what is needed to spur the U.S. economy to return growing at a 3 percent rate.

"I hate to sound like a trickle-down economics person," Zell added. "But the reality is that if we create a positive environment, an environment where corporate America spends the money it has and builds forward — everybody will benefit."

SPDR S&P 500 ETF Trust SPY is up 4.5 percent since November 8. Between January 1 and November 8, the ETF was up 5 percent; however, in the month leading up to the election, SPY was down 0.43 percent.