While Apple stock isn't quite a no-brainer, the company should put their cash on hand to good use, billionaire investor Wilbur Ross said Wednesday.

"I'm not so sure that no-brainer trades exist. I have a tough time finding no-brainer trades," he said. "There's usually a reason why somebody's on the other side."

(Read more: Is Apple stock really a no-brainer?)

Ross made the comments a day after Legg Mason's Bill Miller and billionaire investor Carl Icahn on CNBC both called Apple "a no-brainer" investment.

On CNBC's "Fast Money," Ross did find a point of agreement with Icahn.

"I think they should do something with the excess cash," he said. "Whether it's to make some acquisition that fits or to pay it out the way Carl wants them to, I don't know. I'm not intimate enough with the company.

(Read more: Icahn pushes Apple for more buybacks)

"But I do think it's a little silly to sit with that much cash. And I recognize a fair amount of it is overseas and there's a whole tax problem with bringing it back. But surely they can find some clever way around it."

Ross also said that he thought Apple was effecting an indirect means of repatriation of its cash via its recent bond offering.

(Read more: Apple should tell Icahn to 'stuff it': Henry Blodget)

Apple was estimated to have about $142 billion in cash as of May. Shares closed up 0.3 percent to end at $489.56.

Ross said that his best investment idea at the moment was shale gas, which up to recently had underperformed.

"I think it's only a matter of time," he said, noting that the Obama administration had slowly started to approve export permits.

"We have such an abundance of natural gas, and we've had such reasonably warm weather that it hasn't been a good time from a point of view of price," Wilbur added. "I think that will change once they get to where they can export."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Stephanie Landsman contributed research to this report. Follow her on Twitter: @StephLandsman.

Trader disclosure: On Oct. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: John Woods is long WFC; John Woods is long @CL.1; John Woods is long @NG.1; John Woods is long @GC.1; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short BID; Karen Finerman is long RMAX; Karen Finerman is long MDY PUTS; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long F; Tim Seymour is long NCR; Tim Seymour is long PG; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's Linda Snow, works at Merck.