Investors are sweating the US market’s fourth-quarter correction, but across the Atlantic they are coping with a bear market. If you dig around in the foreign rubble, however, there are potential buried gems with long-term value.

During market slides, European indices often fall further than their US counterparts. Broadly, continental companies tend to be less efficient, have lower margins, and operate in highly-regulated domestic labor markets. What’s different lately is “the growing uncertainty” about Europe, notes Mustafa Sagun, chief financial officer of Principal Global Equities.