Investors have added about $24 billion to U.S. equity funds this year, while pulling more than $16 billion from emerging markets, according to data and estimates compiled by the Investment Company Institute and EPFR Global.
Biggs is placing his biggest bet on American companies, with about 55% of his holdings in the country, and Doll said U.S. shares are likely to beat equities in other nations. Both favor stocks that rally most during economic expansions, including commodity producers and technology companies.
Apple Inc., the world's most valuable technology company, is Birinyi's biggest holding. The Cupertino, Calif.-based maker of iPads and iPhones will boost net income 53% this year, according to the average analyst estimate compiled by Bloomberg. The shares have advanced 10% since Dec. 31, rebounding from a 2.3% drop on Jan. 18 after Chief Executive Officer Steve Jobs said he would take a medical leave of absence.
"This is going to be a good year for the stock market," said Wien, the vice chairman of Blackstone Advisory Partners. "The real growth in the U.S. economy is going to be favorable. I don't think valuations are excessive."