Because their overly socialists governments and world view are going to run their economy into the ground like it has been doing for years. Government spending in Euro as a percentage of GDP is very high. Unemployment is high. Growth is low. Until Europe starts to rein in government, they are going down,
You still didn't tell me what the "long run" is in your statement. People do not invest unto perpetuity. The "long run" can be one year, five years, twenty years, forty years. The answer "whenever" works just fine for rhetoric, but not so great for investment decisions..