Legendary investors Bill Miller and Leon Cooperman had some advice for investors on Friday—from the best-run company to good names to jump into right now.
For Miller, the former chairman of asset managing firm Legg Mason Capital and current chairman and CIO of LLM, Amazon.com is the best company in the world.
"Amazon has a very small market share in a giant global market. It has a sustainable competitive advantage both in cost and customer loyalty," he said in an interview with CNBC's "Closing Bell."
Its CEO Jeff Bezos is brilliant, relentless and wholly rational, he added.
"That's a deadly combination for the competition."
Miller expects Amazon's sales to grow 20 to 25 percent in the next three years. He thinks the stock should at least double in that period of time.
Miller is also still "widely bullish" on the home builders.
"It's probably the best single thing to invest in for the next five years," he said, noting that home building stocks have been up one year in the past eight years.
The group as a whole trades at below market multiple on this year's earnings and about 10.5 times on next year's earnings, Miller said.
"At the current slow pace, they'll still grow 20, 25 percent a year for the next three to five years," he added.
Omega Advisors' Leon Cooperman likes the energy sector, including Nordic American Offshore, Atlas Energy, Atlas Pipeline, and Atlas Resources. He would also use Friday's weakness in Citibank to add to positions in that name.
He currently thinks the market is in a "zone of fair valuation" and is marking time until the end of the year.
If the economy doesn't get adversely affected when the Federal Reserve finishes tapering and the investor gains confidence that 2015 will be another year of economic growth, he thinks "the stock market has a good fourth quarter and we end the year near 2,000 in the ."
—By CNBC's Michelle Fox