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NEW YORK (TheStreet) -- If you are looking for investment opportunities in the BRIC nations of Brazil, Russia, India and China, it's time to be more selective, said Jesse Clinton, managing director at Snowden Lane Partners. He told TheStreet TV it's time to focus more on India and China and drop Brazil and Russia. 

Right now Brazil and Russia are oversold, and investors can get burned if bottom fishing. Falling oil prices are hurting the Brazilian and Russian economy, while Russia also has extremely high borrowing costs that makes it expensive for businesses to operate. 

But India and China continue to benefit from lower oil prices. Both countries have a strengthening consumer, so investors should look for companies that have that type of exposure, Clinton said. 

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WisdomTree India Earnings ETF (EPI) and the iShares China Large Cap ETF FXI data by YCharts

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On energy stocks, while he made no specific recommendations he said some stocks are beginning to get attractive. It is important not to overreact to falling oil prices and look for the companies that won't get "pushed out of the market." 

In high yield, Clinton stressed that he doesn't want to overreact to falling prices when many of the funds, such as the iShares High Yield Corporate Bond ETF (HYG) - Get iShares iBoxx $ High Yield Corporate Bond ETF Report and the SPDR High Yield Bond ETF (JNK) - Get SPDR Bloomberg High Yield Bond ETF Report , have been hit by falling oil prices. 

The worry is that the high yield market, which is roughly 20% comprised of energy stocks, will get hit as smaller, debt-loaded companies struggle to repay their loans. 

"I like high yield," he said, but advised investors to be selective within the group and avoid energy stocks.

-- Written by Bret Kenwell 

Follow @BretKenwell

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.