Grupo Prisa, meanwhile, is navigating through an operational and financial restructuring, but Marcus said investors are focusing too much on the company's newspaper business. "When people see the newspaper business, they're nervous. Of course it's a dying business," he said. "But they're also the largest pay TV company in Spain. People are not getting rid of their cable. It's one of the last things they'll get rid of, even in a recessionary environment." Marcus sees the biggest opportunity with Grupo Prisa in its education business, which gives investors enormous exposure to booming Latin American countries like Brazil and Chile. "It's a cheap undervalued company in Europe and I'm getting huge exposure to this emerging environment," he said. "So rather than me going into emerging markets paying huge prices, I can buy distressed Europe and get that for a lot less." Of course, Europe is not without its risks. In the past week, investors have seen the market surge and swoon on a number of different headlines out of the region. They included contradictory reports that Greek Prime Minister George Papandreou would step down (he eventually did) and that Italian Prime Minister Silvio Berlusconi would step aside (which he later denied). Marcus tells investors that Europe is not a case where they should be betting the house on a quick recovery. "I don't know if we're at the bottom here, but surely we're closer the bottom than we've been. It's been so bad in the European markets," he said. "We like to call it a nibbler's market. You take a small bite today. If tomorrow things get worse, you have more resources to nibble tomorrow. I don't know when it actually will end, but I know we're getting valuations we have not seen in so long. You have to take advantage of it." -- Written by Robert Holmes in Boston. >To contact the writer of this article, click here: Robert Holmes.