Charlie Smith sees long-term opportunities for investors in U.S. companies -- but for the time being, he says, it may be best to keep your distance.
"The further you are from the American consumer, the better you're going to be," the chief investment officer of Fort Pitt Capital told CNBC.
"If the economy's going to continue to remain weak, I think the telecom group has room," he said. "AT&T and Verizon have been weak the last 30 days, on the assumption that cell phone penetration has peaked; I'm not sure that's true."
He also sees some daylight ahead for industrial manufacturers of capital goods that sell overseas.
"We like names like ITT and Ingersoll-Rand that sell refrigeration gear," he said.
- Learn more: Watch the entire interview (4 mins, 17 secs)
Disclosure information for Smith was not immediately available.