And if those discounted cash-cow gushers aren't the 'droids you're looking for -- and if you're really focused on high-flying heavyweights with ample room to run -- consider Berkshire Hathaway (NYSE: BRK-B), a concern that comes with a Grade A equity portfolio, not to mention CEO Warren Buffett. I believe Berkshire to be basically a bargain at any price, even one that, as it currently does, reflects a hefty premium relative to earnings.

The Foolish bottom line
To be sure, there's more to uncovering values than just parsing price multiples. Indeed, separating the wheat from the proverbial chaff -- i.e. stocks that merely look cheap -- is a full-time job.

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This article was first published June 2, 2009. It has been updated.

Shannon Zimmerman runs point on the Fool's Ready-Made Millionaire and Duke Street services and doesn't own shares of any of the companies mentioned in this article. Google is a Motley Fool Rule Breakers recommendation. Wal-Mart, Berkshire, and Microsoft are Inside Value selections. Berkshire and Amazon are Stock Advisor picks. The Fool owns shares of Berkshire Hathaway and has a strict disclosure policy.