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Where to 'dig deep' for value -portfolio manager

STORY: "I think we are operating in two different economies, and I think we are operating in two different markets," Cipolloni said.

"High income, high asset-level holders, those people are doing pretty well," said Cipolloni. "On the flip side, low-income consumers are getting hurt by inflation."

That same divergence, he added, is true for the stock market.

"If you look at large growth, it's doing fantastically well. It hasn't been impacted by rates because they don't have much debt. On the flip side, small caps have gotten hit because interest rates are going up and they have a lot more debt."

When it comes to buying stocks, Cipolloni explained that if "you can find some [companies] that have really good balance sheets, that don't have any debt, you're getting the best of both worlds."