On CNBC's "Halftime Report," Brown said a third argument for investing in Europe was his belief that people were underinvested.
"So, while we like the U.S., our call this year is that we like European stocks more," he said.
Brown said that signs were pointing to a recovery in Europe that wasn't relegated to the United Kingdom and Germany.
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"If you look at the periphery, it's starting to repair itself, its balance sheets," he said. "Consumer sentiment is higher. Demand is higher. Confidence is higher.
"There's a different feeling in Europe. Clearly, there's risk to the call. It's not going to be a one-way trade. So, just like in the U.S. stock market … we could see a retracement. Europe is not going to be one-way, but we do expect it to be higher."
Brown also said a weakening euro would help boost EPS growth.
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"And so, sector-wise, we think some of the more cyclical sectors, like consumer discretionary, industrials, even financials in Europe, should benefit more than some of the more interest-sensitive sectors," he said.
Stephen Weiss of Short Hills Capital said Europe was "not cheap," adding that there were still problem areas.
"France is a disaster in the happening," he said.
TheStreet CIO Stephanie Link said a better play might be via U.S. technology companies, which have roughly 30 percent exposure to Europe.
Simon Baker of Baker Avenue Asset Management said he was surprised to hear a bullish call on the consumer discretionary sector.
"Retail over there, like Tesco, has continued to be soft like it has in the U.S.," he said.
— By CNBC's Bruno J. Navarro. Follow him on Twitter