The European debt crisis dominated the investment world for much of 2011, with eurozone stocks getting pounded. But in 2012, Kenneth Fisher says to key on the same types of companies that were hit hard by the crisis.

“My travels have left me even more convinced that the current crisis will pass,” Fisher writes in his latest Forbes column, in discussing his recent trip to Europe. “In my last column I pointed out that most investors get very bullish when they think about solutions for Europe. So the best strategy is to buy good stocks now that were impaled by 2011’s head-fake to hysteria. This year will be beautiful.”

Fisher says that worries about Italy and Spain defaulting on their debts are overblown. Greece “is another story,” he says, but that’s of small consequence to him. “It’s like a small piece of Mexico without the good parts,” he says. “If it defaults it will be as economically significant as if Istanbul were to default. It’s Third World. Don’t fret over it.”

Fisher offers several stock picks, including Italian aerospace firm Finmeccanica.