Geography plays a role in the stocks Fuller thinks investors should avoid.

“The big-cap names, companies like Las Vegas Sands (LVS), MGM (MGM) and Wynn(WYNN - Annual Report), (have) a lot of exposure to markets like Las Vegas,” he said.  “Las Vegas, you’re going to see a lot of downward pressure in the short term here.”

In this video, Baron recommends Wynn Resorts (WYNN - Annual Report) as well as Ralph Lauren (RL).

Disclosure: At time of publication, William Trent has no financial position in the companies mentioned in this article.