Market Drop Creates Biggest
Stock Bargains in 22 Years

Dear Investor,

     I haven't seen anything like this since the Crash of '87.

     Stocks aren't just cheap, they're throw-away cheap.

     My name is Nathan Slaughter. I run the show at Half-Priced Stocks, an advisory service for value investors. In my 29 years as an investor I've never seen better values.

     Believe it or not, I'm finding profitable companies with dominant market shares trading at just two and three times earnings. Unless the market never bounces back, we're looking at a rare opportunity to make big money.

My Only Regret

     My only regret about 1987 is that I didn't buy more stocks in the weeks following Black Monday.

     Because when stocks hit the pavement that hard, the bounceback is usually even more extreme.

     That's what happened in 1987. After crashing on October 19, stocks were up +10% by the end of the year. And they soared +69% by the end of 1989. A few of the really down-trodden stocks I bought for my own account soared more than +300%.

     So... rather than whine about this bear market, why not take advantage of it with me?

An Unprecedented Triple Play

At the turn of the century, you had to pay over five times book value for the S&P. Now you can buy it for less than two times book -- 66% less than before. Your dollars go further in this market than they have in over a decade.

     You can always find a few stocks selling for low P/Es... or high growth rates... or even at mouthwatering yields. But I've never seen all three at the same time before!

     Assets, growth and yields are all going cheap.

Rock-Bottom Book Values

     Of the 5,851 stocks I track, 2,310 are trading below book value... and 1,052 are trading at less than half book value.

     The crazy thing is that a lot of these dirt cheap stocks are growing fast! I've found 146 stocks selling for earnings multiples below 10 that are projected to grow more than +25% next year.

     Do you have any idea of the explosive gains you can make when a company is growing +25% a year but its stock is trading at a P/E of 4?

     I've found a liquor distributor in exactly this situation right now. Once this stock regains its normal P/E of 22.6 that it averaged for the past 10 years, you'll have $5.70 for every $1 you invest now.

     There are plenty more. I'm looking at an offshore driller that is expected to grow +19% over the next five years, but has a forward P/E of only 5.7.

     Another company, a sock and underwear maker, is on track to grow +15% annually over the next five years. It trades at a forward P/E of 4.3.

 

The last time P/E ratio were this low, stocks promptly took off on a multi-year tear.

Historically Low P/Es

        Over the last 20 years, the S&P 500 has had an average P/E of 23.3. Now 222 of the 500 have P/Es below 10. And 478 of the 500 are trading below their 20-year average.

     Same story with the Dow Jones Industrials. 17 of the Dow 30 have a P/E ratio below 10. The P/E of the entire Dow is 10.7. The last time it was this low was in 1997. You can see what happened next in this chart. Stocks took off like a rocket.

Yields Through the Roof

     Thanks to this sell-off, yields have shot through the roof. In fact, for the first time since 1958, the S&P 500 yields more than the 10-year Treasury note. (The last time this happened, the market returned +43.4% in a year.)
    
     The yield of U.S. stocks has risen +90% in the past year and a half. 636 stocks yield more than 10%... 514 yield more than 15%... and 453 yield more than 20%.

     I'm buying the best ones ASAP because double-digit yields never last long.

     I saw that myself recently when I told my subscribers to pull the trigger on Western Asset Premier Bond Fund (NYSE: WEA). This closed-end fund was trading at a -17% discount to its net asset value and was yielding 16.9%. I planned on holding it for years and enjoying that dependable monthly income. But within seven weeks, it had appreciated +53% so I decided to pocket my gains.

     We've had plenty of opportunities like that lately. Energy Income & Growth Fund (NYSE: FEN) is a solid security that has been around for about five years. It traded in a tight range for most of that period, and its yield fluctuated between 5% and 6.5% during that time.

     Suddenly last year the yield spiked to 15%. But you only had a few days at the end of November to grab it.

     If you waited, you lost. Then the fund's yield dropped to 11% just a week later. Now it's yielding under 10%. Not bad, but a lot less than what you would have locked in if you had acted quickly.

     It's too late to earn a 15% dividend on FEN.

     But you can still lock in a huge dividend in plenty of other stocks. One shipping stock I've been following has been yielding roughly 8% year after year. Now, thanks to this weak market, it is yielding 22.1%.

     But like every other solid company whose yield suddenly spikes, it won't stay that high for long.

     Volume is already surging as investors pour back into the stock in an effort to lock in that generous payout.

     My prediction: I give it another month at most before the yield drops in half to 11%... and current stock owners double their money.

     But you can buy today and lock in 22% for years ahead. Your yield will actually increase as the firm keeps boosting its dividend payments. (This isn't wishful thinking: this company boosted its dividend every quarter in 2008.) Stay on the sidelines watching and you will miss out.

     I hate to sound like a high-pressure salesman saying you need to act immediately. But this market destruction has gift-wrapped some rare profit opportunities... and they absolutely will not last.

     The profits we've been making in closed-end funds are a perfect example.

     Last October, I sent investors a bulletin urging them to buy five closed-end funds trading at heavy discounts to their net asset values. Two trading days later they were up an average of +30.4% each.

     On October 10th the Kayne Anderson Energy Total Return Fund (NYSE: KYE) traded at a discount of -35%. Three days later, KYE had risen nearly +60% while that discount actually turned into a premium of +5.5%.

     After last fall's brutal sell-off, The Chile Fund's underlying stock portfolio lost -37.4% its value. Yet investors were even more punishing, sending the shares down -63.4%. So while the fund's stock portfolio was worth $11.60 per share, its actual price tag was just $7.96 -- a discount of 31%.

     In other words, you could pick up the already-undervalued stocks in this portfolio for about 70 cents on the dollar. A week after I added it to my "buy list" The Chile Fund was up +27%.

The Magic Yield Doubler

     For a very typical example of how this downturn has boosted payout power, just look at the Claymore/Zacks Yield Hog (NYSE: CVY).

     At the market peak, CVY was yielding 6%. Pulled lower by this slump, it is now yielding 12.2%. In other words, the market has actually done new investors the favor of doubling their yield over the past 14 months.

     I've examined this exchange-traded fund's portfolio of royalty trusts, limited partnerships, utilities and other high-yielding securities. They're still solid. That's why I'll be surprised if this high yield lasts for long.

     Yields on several dozen master limited partnerships (MLPs) and closed-end funds spiked last November for just a day or two. Investors who bought back then are now earning 25% or more on their money.

     Aberdeen Australia Equity Fund saw its yield spike up in August 2007. Investors who bought to capture the yield of 19% saw their shares jump from $12.50 to $17.50 in less than two months.

Anyone who bought IAF when its yield spiked north of 10% saw their shares rise from $13 to $18 in less than two months.

     There are plenty of other examples. But looking at history, you'd better act soon if you want to lock in the yields I'm finding in Half-Priced Stocks. 

     Act now and down the road you'll likely be making an enormous return on your money.

     Throughout the late 1990's and early 2000's, Philip Morris continually boosted its dividend. But because of stock price fluctuations, the yield jumped from 3% to about 10%. If you were smart enough to lock that yield in, you'd now be earning 48% in annual dividends on your initial investment.

     In the Philip Morris case, like most others, the window of opportunity closed quickly.  Two years later the stock was back to its old highs and the yield had fallen back to about 4%.

Three Ways to Profit Big

It's Time to Be Greedy

     I know this is a scary market. But the fear factor is why you're being handed these opportunities in the first place.

     So many investors are scared of holding stocks during these hard times, that they're unloading them cheap.

     According to Warren Buffett, that's exactly the best time to buy stocks. Buffett credits his success to being fearful when others are greedy… and greedy when others are fearful.

     Buffett has a keen sense of when there is value in the market. And he's backing up his bullish talk with heavy buying using Berkshire Hathaway's enormous cash stockpile.

     Because it pays off so well, I spend a lot of time looking at what Buffett is buying. And I've found a stock that looks startlingly like a young Berkshire Hathaway.

What if You Could Turn Back the Clock and
Invest With Warren Buffett 40 Years Ago?

     Legendary value investor Warren Buffett's saga is truly astonishing. Anyone with the good judgment to invest $10,000 in Buffett's partnership at its inception in 1956 (and to transfer into Buffett's Berkshire Hathaway at the partnership's termination) would today be sitting on an astonishing $344 million -- after all fees and expenses.

     Scores of early believers in Warren Buffett have seen their trust pay off in immense riches. In Omaha alone there are at least 30 families with over $100 million in Berkshire stock.
     In 1957, Dr. Carol Angle, a young Omaha pediatrician, gave $30,000 to Buffett to invest. Dr. Angle still practices medicine, but she doesn't need the money. Her family's holdings in Buffett's Berkshire Hathaway have grown into a $300 million fortune.

     When Mildred and Donald Othmer died a few years back, they left an estate almost entirely in Berkshire Hathaway stock worth close to $800 million.

     Ernest Williams read an article by Buffett and, in 1978, began buying as many shares as he could get. Today, he and his family own more than 4,000 shares, worth some $360 million.

     When Robert Sullivan was a 19-year-old college student in the early 1970s he began buying Berkshire at $380 a share. I don't know how many shares he bought. But with each share now worth $88,000, he didn't have to buy many to be a very rich man today.

Do Miracles Happen Twice?

     Of course, the Berkshire miracle can't possibly come along more than once in a lifetime.

     Or can it?

     I've found one stock that looks strikingly similar to Buffett's Berkshire Hathaway in the mid-'60s. I'm calling this stock "Son of Berkshire".

     In 1965, you could have bought 100 shares of Berkshire Hathaway for $1,800. Today, those hundred shares would be worth $8.8 million -- enough to put you and your children on easy street for life.

     This could be your own chance at a Buffett-style investment miracle.

     Many people don't realize that when Buffett first bought Berkshire Hathaway in 1962, it was just a textile mill -- a bit player in a dying industry. By 1970 the mill was almost dead and netting just $45,000 per year.

     But in those eight years Buffett had transformed Berkshire Hathaway into a completely different type of business that was netting $4.7 million a year... over 100 times as much as the mill.

     What was this other business that launched the greatest stock market miracle of our time?

     Insurance. A boring "white-bread" company. GEICO, to be exact.

     Buffett funneled the cash flow from insurance premiums into a war chest of investment capital. Then he used that cash to snap up shares of companies with prospects that other investors overlooked.

     He bought The Washington Post, Coca-Cola, American Express and Gillette. With perfect contrarian instincts, Buffett swooped in when the stocks were deeply out of favor.

     That's the strategy that built Berkshire into the $135 billion behemoth it is today. And this "Son of Berkshire" that I'm going to tell you about now is doing it all over again, using the same techniques Buffett pioneered decades ago.

A Growing War Chest of Cash

    This company doesn't waste time cozying up to Wall Street. It runs its operations from a drab building in the suburbs of a sleepy Southern city -- about as far from the Wall Street hype machine as you can get.

     All it cares about is piling up cold cash and putting it into other investments with even more hidden assets it can use to grow the bottom line.

     In other words, it just keeps making its shareholders money -- doggedly snowballing its assets the same way Buffett did with Berkshire.

     Just like Buffett this company is amassing a growing pile of cash: $913 million at last count. It uses this war chest when the time is right to snap up other companies on the cheap. Like right now. Its shopping list has grown a mile long in this down market when so many assets are going cheap.
    
     This firm has a great track record. In fact, thanks in part to its smaller size, it is actually beating Buffett at his own game.

     Below you can see that in the first 20 years of its existence, this upstart has actually outperformed Berkshire Hathaway.

     And I firmly believe it's just getting started. To show you what I mean, I'd like to send you a report with all the details on this Berkshire-style growth machine.

     I call it Son of Berkshire: The Closest Thing to Investing With Warren Buffett 40 Years Ago -- and you'll get a free copy with a trial subscription to Half-Priced Stocks. (I discovered this stock so recently that not even my own subscribers know about it yet.)

     It's one of six deep-value investing reports that I send to new subscribers. To claim your free copies of all six, just follow this link now.
 

Over the first 20 years of its existence, this Berkshire Hathaway look-alike has actually beaten Warren Buffett at his own game.

Why I'll Always Be a Value Investor

     I am a value investor because it works. No other approach has proven to be more effective over the long haul.

     Dozens of studies prove me right. Value beat growth in every instance.

     If there's a better way to grow rich in the market, I haven't found it yet. It seems crazy, but there are times when you can buy every single share of a company -- paying its full market capitalization -- and you're still paying far less than the company's fair business value.

     I know what you're wondering: How do I know what a stock's "fair business value" is?

     It all starts with the same time-tested technique that Warren Buffett inherited from Benjamin Graham before him: "Discounted Cash Flow Modeling."

     To determine a fair price for a company, my staff and I first project the amount of operating cash that the firm is likely to produce in the years ahead. From there, we determine how much that future cash is worth in today's dollars. This gives us a pretty accurate idea of each firm's true, risk-adjusted value.

     We then add in cash and other liquid assets and subtract its debt to come up with a fair business value. That's the rational price it would take to buy the entire company as a going concern.

     All that's left is to compare that intrinsic value with the current trading price. In extreme market conditions when panic rules the day, share prices sometimes drop below the company's per-share cash on hand. In cases like that, you're actually getting paid to buy the business!

Does Buying Discounted Stocks Work in Real Life?

     You bet it does. In June 2006, I noted that DryShips was trading at $10.79, almost a 50% discount to its fair value of $21. I told my readers to buy with both hands.

     Sure enough, DryShips' share price rose to $21 within eight months, hitting its fair value in March 2007.

     But, like the Energizer Bunny, DryShips kept going and going -- all the way up to $130.97 a share by October 2007 -- for a +1,113.8% gain.

     Had you bought a thousand shares of DryShips when I first recommended, your original $10,790 would have ballooned into $130,970 within 16 months.

     With your $120,180 in profits, you could have indulged yourself in a new Mercedes (or two!)... or paid for a college education.
 

Time and again, buying fast-growing, high-yielding stocks that are trading at deep discounts has paid off for us at Half-Priced Stocks...
	Our screens indicated eBay was undervalued, with strong price appreciation potential. Readers who followed my lead on this one made +60.4%.
	When I saw a lot of opportunity in the shipping business a few years back, I picked Genco Shipping as a good place to start. This one made our subscribers a +293.2% profit.
	Shipping continued to be the industry to watch, and on Excel Maritime Carriers, we made a hefty +554.4% gain -- buying low at $10.35 and watching the stock rocket to $67.72.
	Looking for a safe way to play China's construction boom, I recommended Aluminum Corporation of China. Readers who followed my advice were up +379.1% in less than two years.
And again...
	I singled out alternative energy play First Solar at $68.04. The firm's share price soared to $137.35 for a +101.9% gain -- doubling our money in less than five months.
	Fairfax Financial Holdings was selling at a deep discount to fair value, and sure enough, gave us a gain of +102.7% -- once again doubling our money.
	We bought data storage giant EMC at $13.61 with a target appreciation price of $19. When the stock reached $20.66, I said sell and locked in a +52.9% profit.
	On Activision, I spotted another opportunity for solid appreciation, and traded the stock for a +69.2% return.
And again...
	On Expedia, the Internet company, we made a +71.5% profit as the market began to realize this online travel leader's true value.
	In February 2007, we bought UPS at $31.62. By July of the next year, we sold out at $59.83. Adding in our dividends of $2.68, we posted a total return of +97.7%.
	Another winner in the maritime sector, Diana Shipping, gave us a triple as its share price rose +205.1%.
	Semiconductor manufacturer Cree Inc. made us +77.9% in less than eight months... proving that you can even find undervalued stocks in the often-overvalued technology sector.

The Biggest Discounts I've Ever Seen

      With the wholesale drop in prices on Wall Street, I'm finding companies trading at the largest discounts to their fair business value I've ever seen. Which means they're offering huge upside to anyone with the guts to buy right now.

     You'll find 15 of these beaten-down stocks in my "Deep Discount Portfolio" right now. Here they are below. In fairness to my paying subscribers, I can't reveal their full identities here, but they'll be emailed to you within minutes of your own decision to subscribe.

     The most expensive stock in this portfolio is selling for 30% below its fair value. The cheapest is trading for a whopping 78% less than where its free cash flows should put it.

     See what I mean when I say that the hysterical market plunge has opened up a huge opportunity for deep-value investors? We're looking at a rare opportunity to make big money.

     Right now, many of the country's strongest companies are trading at depressed prices that in no way reflect their true value. Blue-chip stocks like Johnson & Johnson may be struggling at the moment, but do you really think Band-Aids and Tylenol won't be around in five or 10 years?

     I'm finding profitable companies trading at three times earnings. I feel like a kid in a candy store... and the candy's on sale!

A Monthly Rundown on the Cheapest Stocks in the World

     If you'd like to consider adding some of the world's cheapest stocks to your portfolio, I invite you to take a no-risk look at my premium value investing service -- Half-Priced Stocks.

     If you love a bargain... if you'd like to buy only the very best securities on Wall Street at a deep discount... I can't think of a service you'll enjoy more than Half-Priced Stocks.

     In a stock market littered with wounded companies, Half-Priced Stocks is the only publication in the country devoted to analyzing solid stocks that have taken a big fall... and telling you which ones are likely to bounce back quickly.

    One last thing you'll discover: hunting for deep-value stocks is surprisingly safe. When you buy stocks trading at shoe-size P/Es, you're pretty much at the bottom already. Stocks don't fall out of the cellar.

     So if you want to make your profits without reaching for the Maalox... if you want the odds so heavily on your side it's almost unfair... I invite you to sign up for Half-Priced Stocks today.

Here's Everything You'll Get With Your Subscription...

	Twelve months of Half-Priced Stocks Newsletter -- Each monthly issue is loaded with fresh new value investing ideas as well as updated advice on stocks we've profiled in previous issues. You also get feature articles, in-depth industry profiles, and a variety of other material steering you toward fast-growing, high-yielding stocks trading at deep discounts.
	Half-Priced Stock of the Month -- My in-depth profile of a growing business where everything is going right... except for its stock price. When you find a company that is firing on all cylinders, a sell-off in its stock is almost always temporary. If you like the idea of buying a stock trading at a 50% discount to its fair business value, you'll love this. There's no better way to lock in a fat payoff than buying one of these severely mispriced stocks. In a recent issue, I showed my readers how to buy a $23 restaurant stock for $11. When investors see the true strength of this growth machine, they could step in and send the shares +100% higher in a year.
	Subscribers-Only Web Site -- Your subscription comes with complete access to our Half-Priced Stocks web site, including easy access to current and past issues, news flashes, portfolios, and a host of invaluable educational materials. You also get our entire archive of back issues, giving you every bit of advice and information we have released since the start of Half-Priced Stocks -- just as if you had subscribed from Day One.
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	Access to three model portfolios chock full of deep-value picks: 1) Our "Deep Discount Portfolio" tracks the performance of the most undervalued stocks on the market today. Every stock in this portfolio is selling for at least 25% below its fair business value. Many trade at discounts of 30%, 50%... and a few at even 70% below fair value. 2) Our "High-Growth Value Portfolio" gives you fast-growing stocks that are trading at big discounts to their earnings. Plenty of these stocks have earnings growth higher than their P/E ratios! As a result, they represent spectacular values at today's prices... and they should move sharply higher. 3) Our brand new "Yield Doubler Portfolio" will dig up the most generous stocks, ETFs, preferred stocks and other securities on the market today. Right now we're honing in on a real estate fund that yields 12.0%... an oil pipeline partnership that yields 9.6%... and a dry bulk shipper that is paying a princely 32.8% a year.
	Son of Berkshire: The Closest Thing to Investing With Warren Buffett 40 Years Ago The Berkshire miracle can't possibly come along more than once in a lifetime. Or can it? We've found a stock that looks strikingly similar to Buffett's Berkshire Hathaway in the mid-'60s. Its CEO even sounds like Buffett when he talks to shareholders. Just as Buffett used insurance premiums to build a war chest of investment capital to snap up companies on the cheap... building Berkshire into a $135 billion behemoth... this "Son of Berkshire" is doing it all over again, using the same techniques Buffett pioneered decades ago. This could be your own chance at a Buffett-style investment miracle.
	Cash Flow Is King: 3 Runaway Winners that Are Generating Mountains of Money In this report, you'll see why it's so immensely important to focus on cash flow. We profile four cash-rich value plays that look like a lock to outperform the market in the years ahead:   1) A huge utility, with annual revenues closing in on $20 billion. It distributes electricity to 5.4 million customers and natural gas to nearly half a million more. It is also the largest provider of wind energy in the eastern half of the country. 2) A midstream energy partnership that manages 35,000 miles of oil, gas and petrochemical pipelines, and owns a vast network of import terminals, storage facilities and processing plants. Business is so good that the firm has boosted its distribution 18 quarters in a row. Its latest hike lifts the yield to a hefty 9.6%. 3) The world's largest payroll processor, issuing checks for 32 million workers around the globe. Their cash flow from operations jumped 32% this year over last.
	Small-Cap Value Stocks: 2 Small-Cap Stocks that Could Make You MUCH Richer than Your Friends and Neighbors Small-cap value stocks have climbed at a healthy +11.8% annual clip over the past eight decades -- well ahead of the +8.9% annualized return of large-cap value stocks... and far ahead of growth stocks of any size. The lesson: if you want to outperform the market over the long haul, it helps a whole lot to have some small-cap value stocks. In this report we profile two standout small-cap companies that are well on their way to joining the blue-chips of tomorrow. The first is the world's top supplier of fuel injectors and other specialized parts for vehicles that run on propane and natural gas. It has three times the market share of its closest rival. The second has struck gold with its thin-film solar laminate that converts sunlight into electricity. This thin, flexible and lightweight material is a snap to install. The peel-and-stick polymer is unbreakable and can generate +20% more electricity than traditional photovoltaic (PV) cells. The company has all the business it can handle and then some. Last year, sales were up +154%... and its order pipeline stands at about seven years worth of revenues.
	Investing Like Buffett: How to Profit from the Wisdom of the "Oracle of Omaha" Born, raised and residing in Nebraska for most of his life, Warren Buffett is affectionately known as the "Oracle of Omaha." He is also the most celebrated value investor in history. And there's good reason for that fame. Warren Buffett is the richest man in the world with a total net worth topping $58 billion. Even more importantly, he is one of only a handful billionaires to attain his wealth in the stock market. In this report you'll see the investing techniques that Buffett has used to amass his $58 billion fortune. You'll also find out how he decides what to buy... and how you can follow his lead to create your own investment legacy.
	Deep Moats: 2 Untouchable Companies with No Competition in Sight Just as medieval moats helped protect castles against marauding pillagers, economic moats help companies defend against encroaching competitors. Any such sustainable competitive advantage gives a company a distinct edge over its rivals. A company with a deep moat in place has a business model that is not easily copied. It is also better insulated from fluctuations in the business cycle -- and consistently delivers outsized profits. In this report, we detail seven types of economic moats. And we profile two companies who are entrenched market leaders and whose moats are so deep that it is hard to imagine anyone being foolhardy enough to challenge them.
	3 Stocks Warren Buffett Wishes He Could Buy -- But Can't We've found three stocks that are perfect for Buffett, except for one thing -- he can't buy them! He runs a portfolio that clocks in at some $135 billion. These three companies have a combined market cap of less than one percent of Buffett's portfolio. Even if he bought every single share... and the stocks tripled... they would barely make a dent on his total returns. But they could make a small fortune for you. But if Buffett could buy smaller fast-growing companies we think he'd find the three stocks in this report irresistible. These are precisely the kind of bargains that Buffett loves. Unfortunately for him, they are off limits because they're simply not big enough. But you can grab as many shares as you want.
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     Please let me hear from you today. As soon as I do, I'll rush you my Son of Berkshire report on the stock that's like investing with Warren Buffett 40 years ago... plus the current issue of Half-Priced Stocks with the 15 most undervalued stocks on the market today... and give you access to our members-only web site.

     Welcome to an investing world where everything is on sale every day!
 

Sincerely,

Nathan Slaughter
Editor, Half-Priced Stocks

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