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"We think a decline [in CPI] to under 6% (and perhaps closer to 4%) is probable by the end of this year," The Leuthold Group's James Paulsen said.

Investors can position their portfolio for upside by buying both growth and value stocks, according to JPMorgan's Marko Kolanovic.

"Investing does seem to be an area where there are lessons that usually cannot be taught, only painfully learned on one's own," GMO said.

"We continue to see Amazon as a core long-term holding for Internet investors as the company has exposure to multiple long-term runways," Goldman said.

"Apple is flexing its muscles on the chip front while seeing impressive demand with the all-important China region a clear standout," Wedbush said.