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2014 is a stock picker's market: Fund pro Arbess

Buying the overall market this year won't work like last year because 2014 is going to belong to investors who select their stocks wisely, hedge fund manager Dan Arbess told CNBC on Wednesday.

"If you look at the markets as a whole, last year we had [a] policy-supported lift. The markets traded up in anticipation of an improving economy and improving earnings," Arbess, a partner at Perella Weinberg, said on "Squawk Box" in an interview from the World Economic Forum in Davos, Switzerland. "This year, we actually have to see improving earnings. And you aren't going to see [a] huge improvement in earnings across the board."

He added, "There are a lot of companies that are going to blow away other companies in terms of earnings and growth potential."

Perella Weinberg has about $10.4 billion in assets under management.

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.

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