US stocks have left foreign equities in the dust over the past two years. But Validea CEO John Reese says that doesn’t mean you should put all your eggs in the US basket.

“Given that the US economy has continued to fare quite well in recent months while other parts of the world have continued to struggle, you might be thinking about going all-in on American equities,” Reese writes for Seeking Alpha. “Be careful. Putting all your chips on the home favorite US horse that’s currently in the lead may seem logical, but in the stock market, history has shown that chasing past performance — whether it’s with countries, regions, industries, or style-box distinctions — can lead to trouble.”

Reese offers some examples of how going all-in on a particular region has backfired. “While I do think most investors should have a sizable portion of their portfolios in US firms, I think they should also make room for non-US companies as a way provide diversification — and capitalize on some of the bargains currently available outside America’s borders,” he writes. He uses his Guru Strategies, each of which is based on the approach of a different investing legend, to find some attractive foreign stocks. Among those he highlights: Australian mining firm BHP Billiton.