Only 12-36 months? I hope so! With the Greece 1yr WACC at 72% (last I heard) and even the French banking system now looking seriously shaky, you'd want to be downright divinely-informed to play the market these days, I reckon. (As an aside, I do find it ironic that Germany now essentially does rule Europe.)
But this all plays into IV's sleight of hand: Instead of defending the validity of intrinsic value analysis in the Aust stock market context as challenged to do, he resorted to challenging the adequacy of risk weighting in property investing instead. Not to the point, see?
Germany has always ruled Europe. Even after they were defeated in WWII the Deutschemark was the de facto currency of Europe. Now the Euro gives them even more power.