Validea CEO John Reese says in his latest Nasdaq.com column that he’s finding big values in some beaten-down international markets.

“I still believe the U.S. market is a good place for long-term investors to be,” Reese writes. “But, with the strong performance of American equities the last few years, and the hits and struggles that other parts of the world have endured, international stock valuations are looking pretty darned good these days. Sure, these markets come with some well known risks — China has its slowdown in growth and potential housing bubble; South America and the Middle East have ongoing political strife; and Europe’s economy is barely producing any growth, with the continent’s debt woes still lingering. But in many cases, it looks like investors are overreacting to these issues — just as they did to the U.S.’s problems back in late 2008 and early 2009.”

Reese looks at five stocks that currently get approval from his Guru Strategies — each of which is based on the approach of a different investing great. Among them: Telecom Argentina, which gets high marks from four of his models.