Europe right now enjoys “all the tailwinds” -- wages are down, oil is down and so is the euro, Jones said, contributing to a 20 percent earnings gain in the first quarter.

“Currency hedging is the key” with European stocks, Jones added, with the euro under pressure from the ECB’s bond buying. He expects the euro to move 6 percent to 8 percent lower against the dollar, but feels the decline in the Japanese yen is close to ending.

And the fall in the price of oil is over, Jones said. Historically, a 60 percent drop in the price of oil solves the weakness. “People consume more,” he said.

That’s why he likes master limited partnerships, which still get paid for transporting and storing oil and gas supplies regardless of where prices go.

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