Despite the fact that the market is "slightly overvalued," U.S. stocks are the place to be right now, Delphi Management President Scott Black said Friday on CNBC.
"I'm mildly constructive for the rest of the year," Black said in an interview with "Power Lunch."
First, the 10-year Treasury also doesn't offer competition, he said. Then there are the international markets.
"If you look at Europe and emerging markets, those aren't really places to go at this point because the global demand is weakening and the United States really is the star performer amongst the major economies."
He's sticking by the prediction he made earlier this year that the U.S. market will be up 8 percent in 2015, plus a 2 percent dividend yield.
As for those who think Europe is a better bet, Black said he does a lot of bottom up screening of multiples. When he looked at the FTSE 500, for example, he found that there are not that many cheap PEs [price-earnings multiple] out there.
On top of that, U.S. dollar-denominated investors have currency risk because of the weak euro and strong dollar, Black said.