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'This bull market is only halfway through'

  • Fears of a trade war may be causing concern among investors, but there is no reason to think the bull market is anywhere near the end, BMO's Brian Belski says.
  • "We're going to have a pause here and there, but this is very, very normal and very healthy," he says.
  • Belski predicted the bull market would last 20 to 25 years back in 2009.

Fears of a trade war may be causing concern among investors, but there is no reason to think the bull market is anywhere near the end, BMO Capital Markets chief investment strategist Brian Belski told CNBC on Monday.

The Dow Jones industrial average and S&P 500 both closed lower on Monday, while the Nasdaq ended higher.

"This bull market is only halfway through," Belski said in an interview with "Closing Bell."

"We're going to have a pause here and there, but this is very, very normal and very healthy."

Joseba Etxaburu | Reuters

Stocks have been making their way back from last month's correction. On Friday, the Nasdaq erased its losses, while the S&P 500 is 3.1 percent away and the Dow is 5.4 percent away from recovering.

Belski predicted the bull market would last 20 to 25 years back in 2009. It turned nine years old this month.

However, it is going to be increasingly difficult to diagnose it as a "traditional" bull market, he said.

Those investors who focus on more of the macro picture are going to lose, he said. Instead, he believes it's time to be a fundamental investor who focuses on buying good companies.

As for a possible trade war, Luca Paolini is one of those who isn't worried.

"I don't think that the risk of a trade war is significant," Paolini, chief strategist at Pictet Asset Management, told "Closing Bell."

"It's probably true that the administration is trying to put pressure on China just to do something. It's more cosmetic than anything else," he added.

Because Paolini doesn't think that trade disruption will be "massive," he sees more potential in European and Japanese markets than in the U.S.

Belski, meanwhile, would buy financials, industrials and materials, while adding to tech on the dips. He'd sell staples, real estate investment trusts, telecom and utilities.

— CNBC's Fred Imbert contributed to this report.

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