Risk aversion is dissipating from the markets, according to Jay Bowen, president of Bowen, Hanes & Co. Translation: Investors aren't as scared as they were.
"We like the market signals that we're seeing," Bowen told CNBC. "I think a very important event happened a few weeks ago, when the two-year Treasury moved above the Fed Funds Rate for the first time in about 20 months."
He sees the change in the yield curve as a strong signal that waves of liquidity are coming out of bonds and into stocks.
Bowen's buying attention is focused on global infrastructure.
He likes American companies with international exposure, and he especially likes foreign multinationals.
"A company like BASF, for instance, the largest chemical company in the world," he said. "Through joint ventures, they are involved in literally every country around the world."
He also likes Swedish-Swiss engineering company ABB.
ABB's interim chief executive told the firm's recent annual meeting that another 20,000 jobs are expected to be created over the next five years.