Herro Sees Opportunity to Buy BMW, BNP Paribas Amid Greece - Bloomberg

European stocks offer some of the world’s best investment opportunities even after outperforming other markets this year, in part because Greece’s festering crisis scared away buyers, said David Herro, one of the biggest U. S. owners of shares in... Greece’s struggle to obtain a new bailout, and its potential exit from the euro, highlight the structural flaws in the European Union, said Herro, chief investment officer for international stocks at Harris Associates in Chicago. As a result, he’s loading up his $30 billion Oakmark International Fund with shares of companies such as BMW AG and BNP Paribas SA at attractive prices. “If you look at valuations around the world, you really still see the preponderance of value based in Europe,” Herro said in a telephone interview Friday. Concern over the Greek crisis has been a drag on European stocks after they posted the best first-quarter rally since 1998. The Stoxx Europe 600 Index flirted with a correction last week, falling almost 10 percent from an April record through... Flawed Project Many of the Europe’s largest companies earn a big chunk of their profit in other parts of the world, so they’ll do fine even if the region’s economy struggles, he said. The euro region is a flawed project because countries like Greece and Germany are too dissimilar to be in it together, Herro said. Source: www.bloomberg.com