Don’t be spooked because the stock market is making new highs and some clients are fearful of another crash or bad things happening owing to political turmoil. However, given the run-up of the U.S. stock market over the past six months, the best equity buys are now outside of the U.S.

Or so a small sample of advisors told Financial Advisor on Wednesday.

“I don’t believe that the stock market is overvalued,” said Anthony Ogorek, CFP, an advisor in Buffalo, N.Y.

Ogorek argues that it's a bullish indicator that some investors are worrying about stocks being overvalued.

“The time to worry is when clients are all optimistic and think things will keep going up and up,” he said. “You should be nervous when your cabdriver is telling you how much money he is making.”

In that vein, two other advisors don’t believe the “C” word is in the offing.

“The stock market is not going to crash because the banks are in much better shape than they were in 2008,” said Jeanie Wyatt, CFA, the founder, chief investment officer and chief executive officer of South Texas Money Management in San Antonio. She said the biggest U.S. banks just went through a stress test and they “came out with flying colors. We will not have a 2008 style crash again in our lifetimes.”

Asked how she handles worried clients, Wyatt said, “Our number one piece of advice is to forget about trying to time the stock market.” Frequent buying and selling of stocks means a client is likely to miss big run-ups, she warns.

Lewis J. Altfest, CFP, an advisor in Manhattan, also sees no sign of a crash. Still, he thinks the “potential is rising for a 20 percent correction in the next few months.” And he adds that this pessimism amid a bull market is partly because of the dogfights on the Potomac.

“Some clients, especially those who don’t like President Trump, are particularly negative, but obviously the market isn’t particularly negative right now,” Altfest said.

But Altfest added that the market's high valuations means it needs some pickup to keep things going. That pickup would be stronger earnings, a high level of consumer spending or possibly the passage of the much-anticipated Trump package of tax cuts. “We need actual deeds, not promises,” he said of the promised tax cuts.

In the meantime, Altfest said the bargains in equities are outside of the U.S.

Ogorek, mirroring a sentiment expressed in a recent report by BlackRock, believes that European and developing market equities are undervalued in historic terms.

Altfest noted that he is telling some clients to take some risk off the domestic table. “Europe,” he said, “has some momentum and the developing markets are cheap relative to the rest of the world.”

Wyatt partly agrees. She said there are good buys in Europe and Japan. However, she stressed that they should be bought through ADRs. This ensures these companies are meeting regulatory standards.

And for those who want to diversify away from what they perceive are overvalued stocks, Wyatt believes that many high-quality, AAA-rated municipal bonds of between three and seven years duration are “a great buy.”

She said, however, that these bonds should be bought through institutional channels.