It's time to look at global stocks on a top-down basis, said James Moffett, Scout Investment Advisors chairman on "Street Signs."

Moffett likes Brazilian beer company AmBev

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[ABV  Loading...      ()   ], for instance.

“We like Brazil and we like the consumer staples so they come together with a beer company,” he told CNBC's Erin Burnett. “It’s reasonably valued; the earnings are growing.”

Moffett is also bullish on Novo Nordisk AS

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[NVO  Loading...      ()   ], a healthcare company that provides insulin for diabetes patients.

“Diabetes is a worldwide epidemic and so far, they haven’t found a replacement or substitute for insulin," he said. "Novo Nordisk, it’s not a cheap stock, but it has come down relative to its growth rate and its stability."

British American Tobacco

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[BTI  Loading...      ()   ] is also an attractive buy, Moffett said.

“It’s got a four percent dividend, selling at I think twelve times earnings,” he said. “It’s a stable business; this is part of what we’re looking for on a top-down basis is stability in this type of environment."

However, Moffett cautioned investors to avoid cyclicals.

"We do see an economic recession and this is no time to try to be brave," he told CNBC's Erin Burnett. "As we come out of this then we'll get another chance to buy the more cyclical stocks."

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