You can no longer just be "long" US or European equities; you've now got to be more specific and target the right companies and sectors. So says Saxo's Peter Garnry who says this is a "stock-picker's paradise".
In terms of sectors, Peter likes banking, healthcare and tech. European banks are still trading way below their book value, he says. Healthcare is "phenomenal" and many IT companies are way down relative to the rest of the market. Peter is also keen on Russian companies, if you've got good nerves.