While she’s known for her bearish calls, including her prescient prediction of the banking crisis that hit the U.S. in 2008, analyst Meredith Whitney says she’s seeing “incredible opportunities” for investors right now.

“Fundamentals are not playing into valuations now at all,” Whitney says, according to CNBC. “You’ve got great companies that are trading horribly, you’ve got pretty junky companies that are way overvalued. For the first time in three and a half years, I think you can begin to invest fundamentally and make money.”

Whitney isn’t exactly brimming with optimism, however. She says U.S. consumers are being constantly beaten down, as prices rise and wages stagnate. And she remains bearish on bank stocks. But she says she sees big opportunities in pockets of “emerging markets” within the U.S., such as agricultural heartland areas, and places that weren’t hit as hard as other areas by the housing crisis, CNBC reports. And she says that emerging areas internationally will help the U.S. “You have incredible opportunities that are being created outside the U.S. that actually will help the U.S. get out of its morass,” she said. “The fact that China goes from a net exporter of food to a net food importer actually benefits the US. The fact that there’s increasing global demand benefits the U.S.”