Some of the world's red-hot economies may be losing their clout, but Peter Andersen still thinks American companies with significant international exposure are the best ideas for investors.
"In this market turmoil in the U.S., looking overseas for revenues is the way to go, especially if the companies are very simple to understand, don't have complicated balance sheets, and have income statements that are pretty transparent," the Congress Asset Management portfolio manager told CNBC.
Case in point: Crown Cork & Seal .
"Crown makes metal cans, and 70 percent of its revenues are derived from overseas," Andersen said. "Crown continues to de-lever, adding to its earnings-per-share momentum, and I think it's an interesting case, worth watching."
He's also enthusiastic about Owens-Illinois.
"In my analysis, this weekend, when everybody's relaxing, and going to have a cool beverage, chances are that those beverages will be delivered...through Owens-Illinois, which makes glass bottles," he said. "Even though the U.S. has shown some weak results lately...the rest of the world is trying to catch up with our demand curves."
Also on his list is Joy Global, which has been riding high on surging global demand for coal. Fifty percent of the company's sales are outside this country.