Buying Europe Banks Is Easy for Herro as Cheap Stocks Fall

European banks, Japanese carmakers, Hong Kong developers and Russian oil producers have gotten so cheap that stock investors from Harris Associates LP’s David Herro to Aberdeen Asset Management’s Kathy Xu are buying.

“I’ve been significantly adding,” said Herro, whose $7.9 billion Oakmark International Fund beat 81 percent of peers in the past three years. “Even though it feels gloomy, this type of environment makes my job quite easy.”