I went through the Disney (DIS) downgrade to sell yesterday -- on what are now faulty assumptions as we know from the extraordinary statement management issued after the report came out despite the quiet period -- and I still came away thinking, "Oh my, I can get this incredibly well-run, great brand-named company for 13 times earnings?" What happens when the economy turns, as I think it will by Christmas? You will truly have a winner.

Or how about McDonald's (MCD)? You've got 10% earnings growth, and it's at 16 times earnings. When you throw in that dividend, you've got one cheap stock.

Or did you know that Procter (PG), a 12% grower with the best dividend history on the New York Stock Exchange trades at only 18 times next year's earnings?

How about IBM (IBM), which just reported? You get double-digit growth for 12 times earnings.

Then there's United Technologies (UTX): 12% growth, 14 times earnings.