The most recent rally is ephemeral at best and the economy is likely to take another sharp downturn before really picking up steam, according to Federated Investors fund manager Steve Lehman, Investor's Business Daily reports.

Lehman runs the $2.4 billion Federated Market Opportunity Fund and he certainly doesn't see opportunity in domestic stocks. In less than two years, he has reduced domestic equities from 45% to 20% of the fund's holdings.

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