The disruption in oil prices and in oil stocks has also created opportunities to buy, he added.
Clemons said he's put some money to work in oil equities over the past couple of months.
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Curt Custard, head of global investment solutions at UBS, sees opportunities in different areas.
"What we're looking at is energy-intensive countries that are going benefit from the lower prices of commodities coming in. This is clearly going to benefit the oil importers of the world versus the oil exporters," he said.
Custard's looking at places like North Asia and Japan, and is growing increasingly concerned with countries such as Venezuela and Russia.
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As for the overall market for next year, Clemons has a "modest" outlook for equities, which he said are still appealing relative to a lot of other asset classes.
Earnings have been "the real fuel for the markets," he said. "We have not had to rely much on multiple expansion. I think that's likely to be the case in 2015 as well."
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However, watch out for increased volatility mid-2015, Custard warned.
"As the Fed rate hike becomes closer and closer, the marketplace is going to start to discount higher borrowing costs for companies, which is going to negatively impact earnings," he said.