One of the reasons the current market malaise is said to be unique is its global nature. Conventional wisdom suggests the U.S. led the world into decline, and will lead it out. James Moffett of Scout International Advisors believes other countries played their own parts in the downturn, and stocks — including foreign stocks — will lead the recovery.
"From my point of view, what's going to work is the financial markets are going to lead, and then the economy will wake up to (realize) that things are actually going better than they think they are," he told CNBC.
So what foreign stocks does he like?
"The best idea in terms of adding to that we like is Ericsson," he said. "They're in the wireless infrastructure business, and as this gets built out, particularly in India and China, they're going to be a beneficiary."
Moffett also likes Adidas and BHP Billiton.
Disclosure information for James Moffett was not immediately available.