The euro is taking a back step because there was an overreaction last year to the david dreman photoEuropean debt trouble, according to David Dreman, Dreman Value Management founder, who adds that 2012 will be better than people think.

Some quotes:

“I think we’re probably going to see less emphasis on the whole European situation. They are taking a backseat here.”

“I think there was an overreaction last year.”

Germany will continue to do well. I think France will do reasonably well. We haven’t seen much slower growth up to now. It is certainly not hurting the United States up to this point.”

Stock  are at “valuations that are lower than at any point since the mid-1990s.”

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