First Greece, then Italy. Which country will be next in the game of musical chairs that's roiling global markets? It's enough to scare most investors straight out of the market.

But here at the Fool, we try to check our emotions at the door and keep our eyes steady on the long-term horizon. In that vein, I like to check in twice a month with our Rising Stars to see what they are buying.

Keep reading and you'll get the details on five stocks our analysts are buying right now. Read to the end of the article to find out how to get access to a report detailing how you can benefit from the smartphone revolution, regardless of whether it's dominated by iPhones or Androids.

ArcelorMittal (NYSE: MT)
Rising Star Paul Chi sees a lot to like about this European steelmaker. Though you might think a tough global market for construction would keep Paul away from ArcelorMittal, you'd be wrong.

The company's geographic diversity mitigates some of the effects of the downturn, and it doesn't hurt that it has a burgeoning presence in China and India. This diversity allows the company to tailor its products to the needs of its individual customers -- something global steelmakers operating out of one continent can't do with such ease. As icing on the cake, ArcelorMittal is developing both its upstream and downstream integration, which means it can provide its own raw materials, instead of having to pay giants like Rio Tinto (NYSE: RIO) to provide building blocks.

Infinera (Nasdaq: INFN)
Rising Star David Meier wants you to ponder this: By the year 2015, there will be 15 billion Internet devices in the world! In order to support that level of data traffic, there needs to be huge investments in our digital infrastructure. David thinks no company is poised to benefit from this trend quite like Infinera.

Not only is David excited about how the company's PIC chips can deliver greater performance for a smaller cost than alternatives, he also thinks the company has the right management team in place: "I think Infinera's management team has been making all the right moves -- and the payoff is just around the corner."

Devon Energy (NYSE: DVN)
For our next pick, we head back to Paul Chi -- who is excited about this energy play that's going through a transformation. Devon recently sold off all of its international assets in favor of focusing solely on North America, which includes both shale and oil plays. The money from selling off its assets, combined with the untapped potential in North America, makes the company a tantalizing pick. And though Paul admits that Chesapeake Energy (NYSE: CHK) may appear to be cheaper by the numbers, "Devon, despite its bigger market capitalization, has a net debt position of only $2.4 billion compared to Chesapeake's $11.7 billion."

Ecolab (NYSE: ECL)
If you're looking for a boring, Buffett-esque investment, Rising Star Jason Moser thinks you needn't look any further than Ecolab. The company, which provides cleaning supplies, pulls off the razor-and-blades model to perfection, with almost 90% of its revenue coming from recurring streams. The recent acquisition of Nalco also offers the opportunity for further growth in this model.

As far as price goes, Jason admits Ecolab isn't a screaming deal, but in the end, it's still worth it: "The bottom line is that sometimes quality companies demand a premium, and I think that's what we've got here."

Heineken (OTC: HINKY)
I saved our most fun pick for last: Matthew Argersinger's pick of my household's favorite European brewer. Matthew's thesis is quite simple: You can get a slice of the most interesting man alive (Heineken makes Dos Equis) extremely cheaply relative to its worldwide performance: "At the current price of around $23, Heineken is priced as if its free cash flow is in a permanent, steady decline. That makes no sense ... Heineken's free cash hit $2.2 billion last year. That represents 13% compound annual growth per year since 2005."

A few more picks from our experts
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