The tech industry may get the lion’s share of attention in the stock market, but one analyst says the next bull run will be much broader.

Speaking to CNBC’s “Street Signs Europe,” Freddie Lait, managing partner at Latitude Investment Management, said the next leg of the bull run will be much broader than the last one.

“I think we are entering a very different cycle for the next two-to-five years, and while we may have a tricky period this year, and people may be hiding back out in Big Tech as interest rates roll over, I think the next leg of the bull market — whenever it does come — will be broader than the last one that we saw, which was really just sort of tech and healthcare led,” Lait said.

“You’ve got to start doing the work in some of these more Dow Jones type stocks — industrials or old economy stocks, to a degree — in order to find that deep value that you can find in otherwise great growth businesses, just outside in different sectors.”

Lait told CNBC that he believes the gap between the tech sector and the rest of the market will begin to close over the next six to twelve months, although it would still be wise to include some tech stocks in a healthy portfolio.

“We own some of those technology shares as well, but I think a portfolio exclusively exposed to them does run a concentration of risk,” he explained.

“More interestingly, it misses out on a huge number of opportunities that are out there in the broader market: other businesses that are compounding growth rates at similar levels to the technology shares, trading at half or a third of the valuation, giving you more diversification, more exposure if the cycle is different this time.”

Lait’s analysis is good news for the economy, as well as companies and stocks that have spent the last several years firmly in Big Tech’s shadow.