It's a stock pickers market, and for those who take the time and trouble to find and buy individual stocks, there are bargains to be had, Laszlo Birinyi told CNBC Wednesday.
"I want to go down to the lowest level, which is the hardest level, and pick individual stocks," said the Birinyi Associates president.
"The markets create some good opportunities and I think that's what you should be looking at here and not be consumed by the level of the market."
He said several stocks he talked about on CNBC a year ago have had returns "a little bit south of 10 percent overall."
Those stocks, which he still owns, include Prudhoe Bay, Priceline and Polo Ralph Lauren . Prudhoe Bay is "an energy play, which...I would be a little lighter on," while Priceline is still "going gangbusters."
Birinyi said he will not be investing in underperforming financial stocks. Nor will he buy health-care companies, saying, "I've been hearing about the pipeline and dividends for 20 years."
He thinks stocks like Apple and Caterpillar are good buys for the price, but added, "I don’t know if I want to buy US Steel [or] DuPont.
CNBC Data Pages:
Laszlo Birinyi owns shares of RL, PCLN and BPT.