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Wall Street titan Jeff Vinik says there's still money to be made in the stock market

  • "Look at the economic conditions we have right now. We've got good economic growth, and we have low inflation," says the onetime head of the largest U.S. mutual fund.
  • Vinik says the GOP tax plan is likely to face several changes.

Wall Street titan Jeff Vinik told CNBC on Friday there's still plenty of money to be made in the stock market despite record high levels.

"Look at the economic conditions we have right now. We've got good economic growth, and we have low inflation," said Vinik, once head of the largest U.S. mutual fund, Fidelity Magellan.

"Yes, valuations are as high as they've been in a long time, but I maintain economic conditions are as good as they've been in a long time," Vinik said on CNBC's "Squawk Box." "While there will be corrections along the way, I think valuations are going to stay high for a long period time, and I think there's money to be made in the stock market."

U.S. stock futures were modestly higher on Friday as the major averages looked to extend a string of weekly wins, which has Wall Street hitting record after record this year.

When asked about the GOP tax bill, Vinik, owner of pro hockey team Tampa Bay Lightning, said there's likely to be several changes.

"The easy work has been done. The hard work is ahead," he said. "When we look at things like that, in terms of sports facilities being built, there's usually a way to get these things done."

After months of work, House Republicans on Thursday released the details of their new tax plan. The bill would lower the corporate tax rate from 35 percent to 20 percent. It would also take away tax-exempt bonds for private stadiums being built.

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