Yes, the stock market has been on an incredible upward tear, but there has also been a lot of volatility and a lot of stocks left behind. Are there any out there that are outrageously cheap?

I got to thinking about this the other day when I was talking to an investor who was bragging about how much money he'd made on AIG (NYSE: AIG) and GE (NYSE: GE) since February. He was particularly proud because these were stocks I'd specifically told him notto buy (too complicated, was my reasoning). But he thought they were outrageously cheap, and now they're up more than 100% each in a matter of months.

That said, the whole market is up, and given wary financial markets and weak jobs data, it should be clear that not all stocks that look cheap arecheap.

However, there are some individual stocks today that, for one reason or another, present "good value" and are less complicated than AIG and GE -- but still remain outrageously cheap.

Back up the truck, people
What makes for an outrageously cheap stock? Here's my short list:

Now, there are only a handful of large or mid caps that meet those criteria, so if you really want to build an "outrageously cheap" portfolio, you may need to start thinking of yourself as a small-cap investor.

Welcome to the jungle
In truth, large caps such as Intel (Nasdaq: INTC) attract far too much investor attention to ever become reallyinefficiently priced. That $109 billion tech giant is tracked by 51 sell-side analysts.

You generally won't find as much interest among small caps, which is one of the reasons why -- given the criteria above – Ituran (Nasdaq: ITRN), Dress Barn (Nasdaq: DBRN), and HQ Sustainable Maritime Industries (AMEX: HQS) look outrageously cheap.

Company

EV/EBITDA

Net Cash on Hand

Investors Scared Because ...

Ituran

5.3

$39 million

Tied to auto sector spending.

Dress Barn

5.5

$212 million

Weak outlook for U.S. consumer discretionary spending. Continued...