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O’Leary’s shopping list doesn't include these 'toxic waste' stocks

Kevin O'Leary isn't interested in buying what he considers to be over-regulated, "toxic waste" European bank stocks.

Yet the "Shark Tank" investor and chairman of O'Shares Investments said he's still "in love with Europe" — even as investors clamor about the potential fallout from the UK's vote to leave the European Union.

"Over the last six months value screens keep showing European, large-cap dividend-paying stocks … [at] significantly better buys than their domestic equivalents," O'Leary told CNBC's "Fast Money Halftime Report."

That includes Glaxosmithkline, O'Leary said.

"If you want to be in health care … energy … [or] technology, you're going to find 20 [percent] or 30 [percent] discounts … with yields that are 40 percent higher."

Following last week's Brexit vote, many investors — including billionaire George Soros — compared the decision and its effects to the financial crisis in 2008. But for the most part, O'Leary disagrees.

He is, however, against investing in the country's bank stocks, which he says have "no way to make money" since "their return on assets is zero."

"Toxic waste! Radioactive waste!" O'Leary said. "You can see them glowing in the dark at night. I wouldn't touch them."

He added that the banks need "to go through a whole cycle again before they become a buy."