Templeton’s Mobius: New Global Investing Hot Spots

"Of course in our frontier markets fund we're in Nigeria, Kenya and some of these other places, but there you run into liquidity issues," he added.

When asked about China, Mobius said he is "cautious about A-share stocks, because that market is not being driven by the domestic investor yet, but we are going in because the prices are getting attractive, especially with the smaller stocks."

He went on to say consolidation is taking place, and there will be "a lot of losers and a few winners, and we have to be sure we pick the consolidators."

Moving to Brazil, he said it's a country he likes "because it's a very varied economy. You've got an active consumer market; you've got commodities, and they're growing. The problem in Brazil is its currency; it's too expensive, it's too high. But that's the only negative. Other than that, it's very exciting."

When asked about a new acronym he's credited with inventing CIVETS (Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa) he concluded by noting that BRICs was a great concept, but "forget about all the other acronyms. It's too confusing and too difficult to remember anyway."