That's what Wall Street legend Byron Wien, Vice Chairman of Blackston Advisory Partner, says. In an interview with CNBC's Closing Bell on Tuesday, he said:
"I think a number of European stocks are cheap. In the adversity that Europe has experienced in the past year and a half there have been a number of cheap stocks that have popped up. So I think there are opportunities there."
(Watch the whole thing: Maria Bartiromo interviews Byron Wien)
As noted in a previous Talking Numbers segment, European stocks have underperformed the United States' S&P 500 index:
|Index||Returns in 2013|
|S&P 500 (US)||21.0%|
|CAC 40 (France)||14.5%|
|Xetra Dax (Germany)||13.5%|
|FTSE 100 (UK)||11.2%|
|Amsterdam AEX (Netherlands)||11.2%|
|Dow Jones Euro Stoxx Index (in euro terms)||10.4%|
In fact, the S&P 500 was beating the major European indices even before yesterday's news that the Fed would not taper its $85 billion per month bond-buying program. The Fed news means interest rates aren't likely to rise as soon as many had expected, thus sending US stocks into record territory.
But, is Wien right that European stocks are a buy?
Looking at what's next for the Continent is CNBC contributor Gina Sanchez, founder of Chantico Global. Sanchez says she likes the fundamentals.
"I think that Europe's a good place to be right now. I went very positive on Europe about two months ago," says Sanchez. "I think that it is a very interesting and compelling trade."
Doing the chart check on Sanchez is Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson. As a proxy on the European markets which the average investor can trade, Ross looks at the charts on Vanguard FTSE Europe (VGK), one of the world's largest ETFs focusing on European stocks.
To see Sanchez and Ross analyze what's next for Europe and the charts on VGK, watch the video above.
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