A number of investment legends - including Marty Whitman of the Third Avenue Value Fund - believe that U.S. stocks have been driven down to unreasonable levels, presenting a number of opportunities for bargain-hunters out there. Whitman even thinks that the current market environment is the "opportunity of a lifetime" for anyone who knows where to look for undervalued stocks.

It's not just Whitman. According to Alex Berenson of the New York Times, other investors "with a sense of history" - such as CGM mutual fund manager Ken Heebner - are also intrigued by new opportunities that are presenting themselves during the current market free fall. As Heebner points out, some stocks are as cheap as they've ever been over the past 25 years. They continue to be pushed down, not by poor fundamentals, but by panic sellers and hedge fund redemptions.

So what do you think? Do these long-time market veterans have a firm grasp on what's happening to the global economy - or are value investors like Whitman and Heebner deluding themselves into thinking that stocks are really cheap?

[image: Marty Whitman of the Third Avenue Value Fund]