While most of the world helplessly watches europe slide into recession and battle to save its currency, there are those few who charge in early for bargains. One Wall Street chief strategist told me that the chaos has created a major buying opportunity. However, he added that deal hunters have to be savvy enough to pick through the rubble for single stocks, not simply load up a shopping basket via a pan-European ETF. Even the most optimistic worry that the bulk of the continent could stay in the doldrums for a long time.

I pointed out that most people have gotten used to buying index funds and ETFs, not individual stocks. But he believes a new day is coming when investors and their advisors will have to start picking stocks again in order to get the best deals (and the diversification).

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