Investments in debt-stricken Europe are "undervalued," "unloved" and "now oversold," Barton Biggs, the managing partner at Traxis Partners hedge fund, told CNBC Wednesday. But he's still not investing in Europe.
Biggs is "not about to put his toe in the water," he told CNBC Wednesday. See the video at left for the full interview.
"I think you buy when the ECB (European Central Bank) and European authorities really capitulate, as (Pimco's) Bill Gross says. And when we get to the restructuring of the Greek, Spain and Portugal debt," he said.
"We could have a big rally in Europe at any time," Biggs added, but noted that he thinks the crisis "has to got to play itself out" first.
Biggs is bullish on technology stocks, emerging markets and China.