Jim O'Neill, former Goldman Sachs asset management chairman, told CNBC on Thursday that "the U.S. structural story is not so powerful as people have believed it to be."
Peter Cecchini of Cantor Fitzgerald agrees with that and is cautious about consumer discretionary.
"While I think in 2015 the consumer will support U.S. growth, we are at a bit of a tipping point, where we need wage growth to start to accelerate," he told CNBC's "Power Lunch" on Thursday. "We're just not seeing it yet."
"You really want the consumer base and manufacturing bases to be firing on all cylinders," he added.
Mark Travis of Intrepid Capital Funds said his group has started an international small-caps fund to take advantage of cheaper securities in markets that have suffered more than the U.S., like the euro zone.
As for buying tech stocks in today's market, Travis said, "I think it's a very tough business to get correctly in terms of valuation."
Travis owns both Microsoft and Cisco and is long.