“If you look at Euro-related equities, in terms of their valuation, over the top of U.S. valuations, that disparity is at a 40-year low,” says Mark Luschini, chief investment strategist at Janney Montgomery. While impossible to perfectly time the market, Luschini says investors cannot ignore a “generational opportunity” to buy European stocks at exceedingly cheap valuations. It may not be time to ”dive in with both feet,” but he’s convinced that it’s time to be stepping into, or at least be prepared to take advantage of, a select group of individual stocks, country funds or regional indexes.

Which brings us to the other hard part – pulling the trigger once you’ve gotten up the nerve to jump in. Luschini says there are plays to be made each way, but generally he’s more inclined to buy securities in “the core countries, and principally Germany,” at this juncture.

He recommends a blanket approach, via an ETF like the Vanguard MSCI Europe Fund (NYSEARCA:VGK), or selecting multi-national names that will ”survive the crisis,” like Siemens (SI) in Germany or the big oil or pharmaceutical names in the U.K., all of which are poised to feel the effects of any reflation, globally or regionally.

See the full Breakout interview below:

Vanguard MSCI Europe ETF (NYSEARCA:VGK)

The Vanguard MSCI Europe ETF (NYSEARCA:VGK) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe. The Fund employs a “passive management”—or indexing—investment approach by investing all, or substantially all, of its assets in the common stocks included in the MSCI Europe Index. The MSCI Europe Index is made up of approximately 460 common stocks of companies located in 16 European countries—mostly companies in the United Kingdom, France, Switzerland, and Germany (which made up approximately 34%, 16%, 13%, and 12%, respectively, of the Index’s market capitalization, as of October 31, 2011). Other countries represented in the Index include Austria, Belgium, Denmark, Finland, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, and Sweden.

Top 10 Holdings:

• Royal Dutch Shell PLC
• Nestle SA
• HSBC Holdings PLC
• Vodafone Group PLC
• Novartis AG 6   BP PLC
• GlaxoSmithKline PLC
• Roche Holding AG
• British American Tobacco PLC
• Total SA

iShares MSCI Germany Index (NYSEARCA:EWG)

The iShares MSCI Germany Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the German market, as measured by the MSCI Germany Index.

Top 10 Holdings:

• SIEMENS AG-REG: 8.97%
• BASF SE: 8.21%
• BAYER AG-REG: 7.71%
• SAP AG: 7.15%
• ALLIANZ SE-REG: 5.79%
• DAIMLER AG-REGISTERED SHARES: 5.22%
• E.ON AG: 5.09%
• DEUTSCHE TELEKOM AG-REG: 3.99%
• DEUTSCHE BANK AG-REGISTERED: 3.97%
• MUENCHENER RUECKVER AG-REG: 3.30%

NYSE:EWG, NYSE:VGK