Of all the insight I've heard over these last few crazy months, the most telling came from an investor who appeared on CNBC last fall and, being entirely serious, advised, "There're only two positions to be in right now: cash, and fetal."

I get it. Even with the recent rally, it's ugly out there. Many companies that overleveraged their balance sheets are permanently impaired and will likely never fully rebound. Exploding financials like Citigroup (NYSE: C) come to mind. We had an unprecedented boom; now we're in the middle of an unprecedented bust. That's how markets work.

Even so, history tells us time and time again that market panics and forced selloffs indiscriminately throw the good out with the bad. Amid the frenzy over financial markets and the "sell-now-ask-questions-later" mood of global investors, opportunities are being created for bargain-hunting investors like we haven't seen in decades.

Using the wisdom of our 135,000-member-strong CAPS community, I've hunted down a few dirt-cheap, high-quality companies. Have a look:

Company

Recent Share Price

Forward P/E Ratio

5-Year

Expected Growth Rate

TTM Return on Equity

Dividend Yield

CAPS Rating   
(5 max)

Cisco (Nasdaq: CSCO)

$19.26

15.41

9.5%

20.08%

N/A

****

Campbell Soup (NYSE: CPB)

$28.28

12.30

6.9%

49.70%

3.50%

****

Bristol-Myers Squibb (NYSE: BMY)

$19.92

9.23 Continued...