Top investor John Rogers says to look outside of the S&P 500 to find new opportunities

Investors searching for gains will need to be more selective and avoid some of the biggest stocks in the S&P 500, Ariel Investments CEO John Rogers said Wednesday during a special edition CNBC PRO subscriber talk.

The major market indexes have traded sideways in recent weeks after a dramatic gain from their pandemic lows a year ago

Rogers appeared earlier in the day on "Closing Bell," where he said he thought value stocks were in for a long bull run.

He then joined CNBC's Scott Wapner for a conversation about his investing process and some deeper conversations about his favorite stocks.

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