Barton Biggs: "Markets Have Discounted $110 Oil"

Hedge fund manager Barton Biggs appeared on CNBC's Closing Bell with Maria Bartiromo on Friday. Biggs told her that he thinks the market has already discounted $110 oil and that the market can grind higher from here. He did note, however, that there are a lot of things that worry him, in particular the sovereign debt situation in Europe.

Biggs said that European Central Bank President Jean-Claude Trichet is "dangerous," when Bartiromo asked him what he thought about the possibility of an interest rate hike in Europe. He added that the only European economy that has had a significant economic rebound is Germany and that the region is still far too economically unstable to be raising rates.

Biggs said that he has most of his portfolio invested in the United States and is around 85% net long right now, but added that he is eyeing the exits. One place that he feels will outperform in the coming months is China. Biggs noted he is buying a lot of the iShares FTSE/Xinhua China ETF (NYSE: FXI).