We’re “absolutely in a bull market” and U.S. stocks will rally for another couple of years, said Laszlo Birinyi, president of Birinyi Associates. He offered CNBC his top picks now. (See his recommendations, below.)
Birinyi said while investors think that the market "climbs a wall of worry," the market actually fights against a "wall of anxiety."
“Anxiety is in the part of the people who have missed the rally,” Birinyi told CNBC. “And they’re trying to talk the market down so that they can get back in.”
He advised investors to look at individual stocks and not groups or overviews.
“One of the things we’ve found is that ETFs are terribly inefficient,” he said. “We’re all sold on the idea that if you liked oil at the beginning of the year, and you bought the USO ETF — it’s flat. Oil’s up almost 40 percent! We find that 25 percent of the trading days, even the SPDRs don’t track the S&P by 20 basis points or more.”
Birinyi and/or his firm owns shares of the companies mentioned above.