Top fund manager David Herro of Oakmark says high levels of fear among investors have big, global blue-chip equities trading at very attractive values. Herro tells CNBC that he is high on several European firms, including Credit Suisse, and says numerous US blue chips with global operations also look attractive. Herro says investors need to look at global growth as a whole, and not just focus on what’s happening in Europe or what’s happening in China. “As investors who are invested in businesses that have operations all over the world, what is important is the level of global economic growth,” he says. “This is what drives corporate profitability, corporate sales, corporate cash flows. At any given point in time there will be soft spots in the world and there will be vibrant spots.”  Right now, he says, parts of Europe are very soft, but emerging markets are generally solid and the US and Japan are producing decent growth rates. Herro also talks about the importance of valuation, saying that while the overall picture in China looks good, and emerging market growth generally looks good, those markets are “not inexpensively priced enough for us, especially compared to the developed world. ”