Shares of cybersecurity company FireEye hit all-time highs in March of 2014, before sliding nearly 70 percent by mid-May. During that period, Thill said, FireEye went from trading at 25 times revenue to 5 times revenue.
Software provider Splunk saw a similar fall from grace during that time, with the stock dropping 55 percent from March to May of 2014.
When it comes to figuring out which companies could hit "black ice" next, the answer is a bit of a conundrum, according to Thill, as companies with the best stories tend to have the highest multiples. He pointed to companies like ServiceNow, Workday, and Tableau as examples.
"If you look at the multiples, they're very healthy but they're also the best performing companies in the universe right now," he said. "So it's a little bit of an issue where these are the best stories, but the higher multiples…you've typically seen, those are the ones at the greatest risk."
Each of these companies has outperformed the S&P 500 so far this year, with cloud-based IT company ServiceNow leading the pack, up nearly 20 percent.
Regarding the companies that appear to have an ice-free road ahead, Thill said it's best to stick with the big caps. "The least at risk are the larger-caps: Microsoft, Oracle, Intuit," he said. "Intuit's a great story that we like, no [currency] concern and great fundamentals."
In the software space, Private Advisor Group's Guy Adami said he liked Palo Alto Networks. "Every time it sells off, people write them off. It's right back nearly to all-time highs. I like that name," he said.
Thill echoed Adami by saying the best indication of black ice valuation risk is to keep a keen eye on where the traffic is flowing—then look the other way.
"There's really no sensitivity out here on the West Coast around valuation," he said. "I think that when there's no fear over valuation, that's when you should be concerned."