"I kind of long for the old days … when we would actually look at earnings and balance sheets and fundamental growth and top-line growth and these sorts of things," the founder and CEO of Farr, Miller & Washington said in an interview with "Closing Bell."
"I wouldn't be too aggressive. … It's a time to be cautious."
Chris Johnson, director of research at JK Investment Group, told "Closing Bell" he'd welcome a pause or a pullback right now amid the growing optimism.
"The last phase of a real long bull market is acceptance and I think that's where we are right now," he said. "The next one to come is optimism. We're not there yet but you need to be cautious right now."