In Tuesday's Wall Street Journal, Sam Mamudi checks in with value-fund managers, whose investing options have grown sharply amid the market downturn. Blue-chip stocks which have traded at a price multiple of 25 or 30 against annual earnings, for example, can be purchased for half the price.

"We usually look around and buy the stocks that are like Pontiacs or Buicks on sale," Ron Muhlenkamp, manager of Muhlenkamp Fund, told Mamudi. "Today the Cadillacs are on sale."

Added Russell Croft, who runs the Croft Value Fund: "When I read stock analyst research notes I'm looking at 75% of the companies instead of half of them."

Also quoted in the article is Al Frank Fund manager John Buckingham, whose focus is normally on technology stocks but recently bought into the medical-devices field. 

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