Altimeter Capital Chair and CEO Brad Gerstner said Wednesday that he has reduced exposure on the stock market after this year's rally, but he remains bullish on American companies. "We've taken some risk off the table as prices have gone up, but we're still leaning forward and still bullish on America," Gerstner said on CNBC's " Squawk Box .
" The S & P 500 is still up 14% this year, and the tech-heavy Nasdaq Composite has gained more than 30%. Both benchmarks dipped into correction territory recently, or falling at least 10% from their record highs. However, as for buying opportunities in technology names, Gerstner cautioned that not all tech is created equal. "If you're a Covid pretender, you haven't gone up this year," he said. "We pulled forward all this demand that was not sustainable.