The United States economy surprised to the upside the second half of 2014 and veteran portfolio manager Bob Doll thinks it will continue to improve next year, with some real wage gains kicking in.
That means he's sticking with U.S. stocks.
"I still want the vast majority of the earnings in my portfolio to come from the United States. That's still where the positive economic growth is in the world," Doll told CNBC's "Closing Bell" on Wednesday.
"We may not be setting the world on fire, but at worst we're the best house in a bad neighborhood."
The only drag on the U.S. economy could be exports given the weakness in other economies, he said, but noted that only 12 percent of the U.S. economy is exports. Therefore, he thinks the U.S. is relatively insulated.
However, "I think one of the issues that we'll struggle with is: What's the impact of the divergence between a relatively good U.S. economy and weakness overseas? What does that mean? What does that mean for currencies?" said Doll, chief equity strategist at Nuveen Asset Management.
He will also keep an eye on oil. The fast and steep fall of the commodity could possibly cause dislocation and credit problems, Doll said.
As for where he'd focus in the U.S. stock market, he likes large-cap names.
"I still want to be upcap but try to find those companies that don't have so much dependence on overseas growth," he said.
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