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Blogging Stocks has a timely piece about the upside to investing in beaten-up European-based multinational companies that have seen their stocks take a pounding recently. It's an interesting premise: Just because a company is based in Europe doesn't mean that its fate is tied to the euro zone economy, or the currency, for that matter.

The author of the piece, Sheldon Liber, highlighted three stocks: Novartis AG , Telefonica SA and Unilever PLC , each of which has crumpled by 20 per cent or more recently, making them look far more attractive than their peers. All three stocks trade as American Depositary Receipts on the New York Stock Exchange.

"A devalued euro may mean that these three companies, which have global market share now, will have a more competitive advantage going forward," he said. "If one were to buy all three, one would have an extremely diversified portfolio with global reach and very strong dividend yields fuelling one's retirement."

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