If you believe real global growth will improve, look for bargains in commodities and cyclical companies, NYU finance professor Aswath Damodaran said Wednesday.
"I think in a sense you've got to play the cycles, commodity-price cycles and economic cycles, so I would go to commodity companies and cyclical companies," he said. "Not all of them are cheap, but I think your best chance of finding bargains are in those segments."
On CNBC's "Fast Money," Damodaran said that he had bought stock in Petrobras as a play on Brazil and oil.
"I'm looking for commodity companies which I think will benefit from potentially higher prices in the future but also from an improvement in the view about emerging market risk," he said.