Wall Street veteran Byron Wien says buy distressed shares in airlines, hotels and energy

Byron Wien
Olivia Michael | CNBC

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Byron Wien, vice chairman of Blackstone Private Wealth Solutions Group, said Monday that he believes the economic recovery will be square root shaped, and that while the S&P 500 won't make a new low, it also won't be climbing to a new all-time high any time soon.

Amid this backdrop, Wien said investors should focus on distressed areas of the market, while shedding tech stocks whose valuations have become stretched.