Blackstone CEO Schwarzman says investors can buy both pricey tech and cheap stocks that haven't yet rebounded

• Blackstone CEO Stephen Schwarzman said investors can buy both expensive technology companies right now and companies that have not yet rebounded.
• "Not all companies have recovered their valuations," the billionaire co-founder said. "So it gives you a chance to play some technology things ... and it also is possible to buy some other companies that haven't yet rebounded to the same degree."
• Schwarzman said that the rapidly growing "digital revolution" will continue to support technology companies.

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Blackstone CEO Stephen Schwarzman said both expensive technology companies and companies that have not yet rebounded are attractive investments in a panel at the CNBC Institutional Investor Delivering Alpha Conference on Wednesday.

The billionaire co-founder said that while a lot of technology stocks are trading at "very high valuations," they can still be good investments because the world is rapidly becoming more digital. But the CEO who forecasted a V-shaped recovery back in June also said that some companies in other sectors have not rebounded yet and have more room to grow.

"Not all companies have recovered their valuations," Schwarzman said. "So it gives you a chance to play some technology things because of the power of what's going on in that area as the world's going digital at a much faster rate exists, and it also is possible to buy some other companies that haven't rebounded to the same degree."

Read more: A fund manager who's beaten 99% of her peers over the past 5 years told us why she remains bullish on growth stocks despite the recent sell-off — and listed her 3 favorite stocks for continued gains in the decade to come

The private equity titan also said that this "digital revolution" was behind Blackstone's decision to invest heavily in warehouse real estate.

"In our real estate business we are theme investors, and that means that we look at the world and try and figure out where it's going," he said. "So we made an observation and decision years ago that the digital revolution was going to really affect real estate, and as a result of that we sold almost all of retail and we started concentrating in warehouses."

Warehouses will benefit from the "exploding" e-commerce businesses, Schwarzman said.

He added: "What we found is where there's some softness, for example in malls, there's nothing but increases in warehouses. We put a third of all of our money there. We sold all of our hotels, and now that turns out to be a great thing."