Barr named WageWorks, which provides spending accounts for health insurance consumers, and online financial advisors Financial Engines, as Internet companies with appealing cash flow. And he said Google's purchase of YouTube for $1.65 billion served as example of an accurate valuation.
"We think there are pockets of exuberance in the markets where there are extended valuations," Barr said. "But a bubble? 1999 was a bubble, and this is nothing like 1999."
On the other hand, Olstein Capital CEO Robert Olstein sees similarities to that watershed year.
"The music has changed, the dance is the same," he said Thursday on "Squawk Box." "It's going to end badly."
Mark Mahaney, RBC Capital Markets managing director, is considerably more bullish on big-name Internet stocks. His top tech picks were Amazon, Priceline and Netflix.
"Facebook already proved you could monetize social interactions, and they'd already proved mobile," he told CNBC. "And they're growing triple digits, and they're accelerating. Nobody else in the group has those kinds of fundamentals and that kind of upside."