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Although Mr. Hickey thinks most of what looks cheap today may become even cheaper, stocks he says to consider include Lucent Technologies, Motorola and Lexmark International.
Cheaper stocks and houses will benefit many people — namely those who don't yet own a home and still have most of their 401(k) investing in front of them.
Their suggestion is to look for cheaper stocks abroad.
But there are cheaper stocks elsewhere among the battered apartment and hotel REITs, for example.
Airliners Under The Radar Money manager Dominic Freud invests in cheaper stocks looking to benefit from an oil decline.
But when the U.S. stock market goes up 12% and the U.S. dollar goes down 20%, the real effect is sharply cheaper stocks, not more-expensive ones.
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Winnebago Industries is an even cheaper stock, trading at less than 6 times earnings.
What's more, from a relative valuation standpoint, Extreme is still the cheaper stock.
Using this data point alone, Sears would be considered the "cheaper" stock.
Wendy's is the cheaper stock with a price-to-earnings ratio of 17.15 compared with 21.36 for McDonald's.
But that does not always lead him to cheap stocks.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com