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.
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) and the SPDR High Yield Bond ETF (JNK) , have been hit by falling oil prices.