The dollar is very weak now.  At close to $1.5 per euro some call it the new peso.  European companies are hurting when it gets to export but at the same time they have an incredible currency as their market caps in dollars are going through the roof.  Telefonica for example is worth around $160bn, that´s serious money when Verizon, the second largest US mobile and fixed line operator is only worth $124bn.  And some huge internet companies are now very affordable to a company like Telefonica including Yahoo which has a market cap of $35bn and Ebay, of $45bn.  Only a few years ago the market caps of Verizon, Yahoo, and eBay were all larger than that of Telefonica.  I think that this is the time for Telefonica and many other European companies whose earnings are mostly in euros to diversify their profit base and go into major acquisitions on the other side of the Atlantic.  And I am saying this knowing that it´s traditionally been hard for Asian and Europeans to manage Americans.

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