Bob Doll sees strength in a lot of familiar places: global exposure, high cash flow, strong balance sheets. But the vice chairman and global CIO of equities at BlackRock sees weakness in financials, and he says that's what's holding back some otherwise solid stocks.
Case in point: General Electric.
"It's a huge stock, so as an equity investor in big-cap, you don't own zero of it, but we're underweighted, and the reason is, there's just so much related to the financials, and we're underweighted the financials, and part of this company is just that," Doll told CNBC.
General Electric is the parent company of CNBC.com.
"If we're going to own GE, we would much rather play the non-financial part of GE, and you can get that in other places: Honeywell, Raytheon, for example."