The best investment opportunities may be thousands of miles away, according to a major Wall Street firm. That is, the upside potential is larger in Europe and Asia than in the US, Medley Global Advisors’ Ben Emons told.

Emons said he’s worried an improving economic picture may prompt the Fed to begin raising interest rates. “The biggest risk is that people have a very benign view that there will be no rate hikes from here. Although the Fed will hold and will continue to communicate that, doesn’t mean that they cannot hike in the future given where the economy is today. It shows strength. It continues to have an upward trend in GDP. There is no risk of recession.” the firm’s managing director said.

According to Emons, investors will get a bigger bang for their buck in the United Kingdom, where Brexit risks are creating jitters and pressuring the market. For investors who have a larger risk tolerance, he said he sees China and smaller Asian economies such as [South] Korea and Malaysia posting big gains.