And then you overlay on top of that the emergence of two or three brand new secular growth themes," he said.
CNBC Pro takes a look at the stocks he likes in three "brand new" areas of growth: obesity drugs, reshoring and artificial intelligence.
Reshoring infrastructure Ayer sees bright spots in the reshoring theme too.
The portfolio manager named tech giant Amazon as a good play of the AI wave.
The way Ayer sees it, more companies in the U.S. are foraying into AI right now, compared to those in other parts of the world.
Persons:
Sanjay Ayer, Ayer, He's bullish, —, Christina Cheddar Berk, Carmen Reinicke, Julie Coleman
Organizations:
CNBC Pro, WCM Investment Management, Equity Fund, Nordisk, Novo Nordisk, U.S . Food, Drug Administration, Tetra Tech, Canadian, Canadian Pacific, U.S
Locations:
U.S, China, Japan, India