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Pick Carefully, But Pick, Says Birinyi

"I think the market is in a little bit better shape than most people are willing to give it credit for," Laszlo Birinyi told CNBC.

And the president of Birinyi Associates thinks investors would be better served by individual stocks than by exchange-traded funds (ETFs).

"We've found, surprisingly enough, that ETFs are vey inefficient," he said. "They don't track what you'd think they'd track to the degree that they should."

So what individual stocks does he like? Let's start with the retail sector.

"I think Costcois a name that will treat you well going forward," he said. "I think Tiffany has probably been overdone on the selling."

Among the financial names, Birinyi likes American Express .

(See the entire interview here).

"The news out today is negative on it, because in a recession, consumers will cut back," he noted. "That, first of all, assumes that we're going to have a recession, and I still think there's enough doubt about that."

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