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Pro: Buy Europe now or risk being late

Focus on underlying fundamentals: Pro

Up and down Wall Street traders are wondering if stocks can climb much further. Given that the S&P 500 has rallied more than 9 percent from a six-month low in October, investors worry that stocks may be out of gas.

Although David Marcus of Evermore Global Advisors remains bullish on the U.S., he said Wednesday on CNBC's "Power Lunch " that he thinks investors would be well served to put money to work in Europe, right now.

Marcus conceded that Europe still faces substantial economic woes, but he said, "largely that's all factored in."

The Eiffel Tower in Paris
Fred Dufour | AFP | Getty Images

Instead, he argues that investors should establish new positions in Europe-based companies right away; as long as they're best in breed. He likes Vivendi and ING, and said that he owns both stocks in his fund.

"You want to buy when others aren't buying; that's when you'll get big discounts," and presumably the most upside. "Start the process now; even though you may be early," he said. Marcus thinks over the long-term, investors will be rewarded.

Joseph Tanious of Bessemer Trust agrees that Europe presents significant profit potential, but said it's not yet time to buy. "Europe still has a lot of issues to work through; and the market is about timing. Europe will present opportunity, but not yet," he said.

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Tanious suggests focusing on best of breed companies based in the United States. "Don't get spooked by the all-time highs. Just focus on fundamentals. They're strong. In the long-run, fundamentals drive markets," he said.