"At Oakmark, we try to think about where the market might be headed five years from now, not next week or next month," he said. "And I really doubt that in time frame we'll even remember that this period was paralyzed by Cyprus."
Headwinds from Europe sent stocks lower and dragged the euro to a four-month low, but Nygren said that stocks were still attractive.
"I think what investors ought to look at is that the U.S. stock market is not expensive to its own history," he said. "It's not expensive relative to other asset classes. It's providing great income opportunities today relative to other assets classes. We think the stock market, despite being at a record high, is pretty cheap."
Nygren also characterized strength in a traditionally defensive sector such as health care as the result of fixed-income flows.
"I think a lot of frustrated fixed-income investors have migrated over to the equity markets, and they're looking for yields that are safer, prices that are more attractive, yields that are higher than what they can get in the fixed-income markets in businesses that are pretty safe, such as health care and consumer non-durable," he said.
But for better upside, Nygren said that investors would do well to avoid dividend stocks.
"We think the better opportunities tend to be today in the companies that aren't paying out high dividends and instead are using that capital to repurchase their own shares," he said.
Nygren said that his top sectors included technology, financials and industrials.
"In a sector like financials, a name like CapitalOne is a big holding for us," he said, adding that its stock should be earning $7 per share, which would likely benefit shareholders in the form of an increased dividend or share repurchases.
Technology, by contrast, offers better potential, he added.
"The technology stocks aren't as safe as health care or consumer non-durables," Nygren said. "There's a lot of change going on, especially around the PC business. But with prices where they're at today, I really think investors are being paid to take that risk on."
"All of them are repurchasing their own shares. All are paying dividends that are at a reasonable level. And P/Es are basically single-digit after you adjust for their excess cash positions," he said. "And Dell."
(Read More: Dell Worth 'A Higher Number': Nygren)
Trader disclosure: On March 27, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is short BHP; Steve Weiss is short VALE; Steve Weiss is short RIO; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long C; Mike Murphy is long JCP; Pete Najarian is long AAPL; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long BBRY CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long AMZN; Enis Taner is long GS; Enis Taner is long BIDU CALL SPREAD; Enis Taner is long MSFT; Enis Taner is long SODA CALL FLY; Enis Taner is short YHOO call spread; Enis Taner is short BBY call spread; Enis Taner is long FXE PUTS.