So where should investors go now? March has seen little traction in either direction, with the S&P 500 down just 0.1%, but according to Charles Brandes, chairman of Brandes Investment Partners, the best values aren't in the U.S.
Instead, the best values are in emerging market and European stocks. He said that Russia has the lowest valuation, but with good reason, as the country is abound with political risks.
Brazilian stocks also have a low valuation, but the country has its own economic and political risks, as well. But that doesn't mean investors should bail on these countries, particularly if they're long-term investors, he said.
As long as investors are diversified, they should be well-positioned to take advantage of the eventual rebound in these countries, as well as the growth in other emerging markets.
Emerging markets are "quite a bit cheaper than the U.S. with more growth potential over the long-term," he said.
European stocks also look attractive, particularly if the economy begins to gain steam as the European Central Bank gears up to begin its quantitative easing plans.
As for investors who want exposure to U.S. stocks, Brandes has some recommendations, as well, starting with the financials. Bank stocks are still relatively cheap, based on their valuation, despite the sector's gains in 2014.
"Old technology," is also attractive, he said. While some small cap stocks are attractive and offer superior growth, the value of large cap technology stocks is more alluring. They tend to have more stable businesses and attractive dividends, he said.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.