Hedge fund guru Barton Biggs says recent economic data is very encouraging, and says he expects the market to continue climbing a Wall of Worry. Biggs tells Bloomberg that he thinks smaller stocks, which have had a lengthy run of outperformance, aren’t the place to be. “I would definitely be betting against them, and betting for the big caps — the big-cap, high-quality stocks,” he says. Biggs also says the upheaval in Egypt and other Middle Eastern countries hasn’t caused him to sell. One area that does have him concerned, however: the U.S. housing market.

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