GAMCO fund manager Mario Gabelli expects the stock market will grow between seven percent and nine percent annually by 2020.

Good stock pickers can do much better than that, Gabelli says.

"I'm not buying the market, I'm not buying an ETF, I'm not buying what Bogle came out with," Gabelli told CNBC at the annual Berkshire Hathaway stockholder meeting.

“I'm picking specific stocks, and there are bargains out there,” Gabelli says.

“I still feel like a kid in a candy store."

Keeping money in cash earns one percent, Gabelli notes, and if the Obama administration’s stimulus plan works, the rate of inflation will accelerate.

There were enormous stock bargains during the 1930s and the 1970s, Gabelli points out, and today a lot of companies are selling at prices well below their cash values.

“California Micro Devices, Coachman Industries, I could keep going on and on,” Gabelli says. “Just keep looking.”

Meanwhile, Stealth Stocks Daily Alert publisher Dennis Slothower has soured on stocks and moved his money into cash.

"Ignoring all the horrible fundamental data that is out there, and knowing in your heart of hearts that this bear market is either the worst on record or the second-worst on record, how many bear market rally attempts do you think it will take before a real switch to a bullish trend takes place?” Slothower told MarketWatch.

“It's going to be more than two."