The U.S. is not headed toward a recession, and the current financial climate still has good investment opportunities, according to a top hedge fund manager.
Avenue Capital's Marc Lasry appeared on CNBC's "Fast Money: Halftime Report" on Friday amid choppy stock trading and continued oil price pain. Yet despite recent worries, Lasry struck a cautiously optimistic tone on the U.S. economy.
"I don't think we're going into a recession, I think it's whether we're growing at 1 or 2 percent," he said. "So the fact that you've got lower GDP, that's fine, but at the end of the day the U.S. economy is doing fine."
In fact, the hedge fund manager said, there are good openings for discerning investors.
"I don't think it's a time to panic, I think it's actually a time where you've got opportunities out there. Invest in solid companies and you'll end up doing pretty well," Lasry said.
These strong companies may look a lot more domestically focused that the recent spate of high flying multinationals, he projected.
"The problem has been that over the last couple years, everybody's been focused on Asia to fund their growth, and everybody was saying you need to be a multinational company — that's where you want to be investing," he said. "Now you're seeing that shift, and you'll see that the companies that focus on the U.S., or have the majority of their earnings coming out of the U.S., those are going to grow."
He added that Europe-focused countries may also see a similar boost.