Go East, Young Investor, to Romania and Turkey for Cheap Stocks: Analyst

Vladimir Milev, investment analyst at Metzler-Payden Funds, told CNBC’s “Squawk Box” that investors might consider Eastern Europe when looking for solid returns.

“I would go with countries that are a bit less converged (with Western Europe),” Milev said Friday. “They’re a little more to the east and haven’t gone as far in this catch up process with the West. We like Poland, Hungary and Czech Republic. The only issue is they've run pretty far and you can’t expect them to do that forever.”

In many cases, higher returns come with more volatility.

“If you go east to Turkey and Romania, certainly you’re going to get more volatility, but at the same time there’s a lot more opportunity to pick up stocks at better discounts,” he said.