While it seems that all of the investment world is fretting over Europe’s debt woes, top fund manager David Herro of Oakmark is seeing a big opportunity.

“As we all watch the macro playing out in Europe and elsewhere around the world, we’re thinking that this is a great time to be a bottom-up international investor,” Herro writes in a column for Morningstar. “Panicky short-term sellers are driving down share prices, and those of us focused on the long term are benefiting from the bargains.”

Herro also says that the debate over whether Europe should focus on debt reduction or fiscal stimulus is a false one. Debt reduction is needed to some degree, he says. But another key piece of the puzzle involves making policy changes that spur private sector growth by “simplifying regulation, freeing up labor markets, and removing policies that hamper innovation and risk-taking.” He says “the beauty of these types of structural reforms is that they need not require a large, upfront expenditure and their impacts are long-lasting.”

Herro says that, despite Europe’s problems, “the global economy remains resilient and corporate performance is robust. Combine these two factors with weak share prices, and it’s easy to see why we are enthusiastic about current investment opportunities.”