Byron Wien: 'There Are Still Opportunities (Read - Biotechnology) In The Junk Bond Market, Oil Is Going Up'

Byron R. Wien, Vice Chairman of Blackstone Group LP BX's Blackstone Advisory Partners, wrote in his list of 'Ten Surprises for 2015' at the start of this year that " high yield becomes the best performer of the various asset classes as the U.S. economy continues to grow with no recession in sight."

Now that his prediction has come true, Wien was on the latest edition of Wall Street Week to share his outlook for the junk bond market going forward. Wien also shared his outlook for crude oil prices.

Be Selective In Junk Bonds, Biotechnology Biggest Area

"I think, its come a long way back, but I still think there are opportunities in the junk bond market, Wien said. "Most of it is in technology and energy. You have got to be selective. One of my biggest areas right now is biotechnology, everybody tells me it's a bubble. But if you really look at it, biotechnology companies are changing the world. I don't know if they will cure cancer, but they will certainly help in the treatment of cancer."

He continued, "They are going to definitely improve overall circumstances for heart disease -- juvenile diabetes, multiple sclerosis -- god know how many. I mean, people are going to live a long time. There are social and financial implications to that. But, I think, we are making major progress in medical technology and, I think, there are a number of companies that are going to do well. I have made a 100 , in some cases a 1000, times my money in biotech."

Oil

Wien was asked his outlook for oil. He replied, "I think, oil is going up. Maybe not a lot, maybe only [just] $70. But, when it was $43, I thought it was going to $70 and that was in the ten surprises [of 2015]. I think, the developing world is going to be using more of it. I think, we are going to be producing more of it. But, I think, the consumption is going to outrun the lifting."