Ron Baron likes casinos and fancy clothes.
The chairman and chief executive of Baron Capital joined CNBC's "Billionaire Summit" -- a select group of the world's most successful businesspeople -- to offer his investment outlook.
Baron's favorites: a big-name gaming stock and a posh apparel firm.
The CEO's first pick: Wynn Resorts
"I like Steve Wynn. I like the opportunities he has for his business in Las Vegas, and I like opportunities he has in Macao and other jurisdictions which he hasn't yet announced."
Next up: Polo Ralph Lauren
"There're opportunities [designer/businessman Ralph Lauren] has in Europe to be as big as he is in America; in Asia, where he's just getting started; in Japan, that's a big opportunity for him; in accessories, which is an area he hasn't been in before; an opportunity to increase his profit margins in his stores significantly."