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 United States, Medley Global Advisors' Ben Emons told CNBC.
Rather, Emons said he's worried an improving economic picture may prompt the Federal Reserve to begin raising interest rates — shocking Wall Street in the process.
"The biggest risk is that people have a very benign view that there will be no rate hikes from here," the firm's managing director said Thursday on CNBC's "Futures Now.
"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.