Hello from Cafayate, Argentina.

I’m here visiting my friend and colleague Doug Casey to scope out his newest undertaking – a major golf course/resort/home development. A round of golf and catching up with a good friend is incentive enough for me, but I’m not going to object to the added bonus of being surrounded by some of the most breathtaking scenery in the world.

Between the spectacular view and the climate, I can understand why he chose this locale for this project. Cafayate is in the northern part of the country, where the days are marked by dry, warm weather and the nights are pleasantly cool.

I had planned this trip months ago, but in light of recent events, I can’t fight the feeling of needing to be at my desk. Thank God the Internet is everywhere and I can follow world events and the markets just as well from here.

The Media Love A Good Massacre

And I’m in good company too. The group I’m with is made up of investors, many of whom I’ve traveled with before and respect highly.

Because we’re all heavily involved in the markets, you can imagine the conversation topics. Very few, if any, of my companions have escaped the recent meltdown, so everybody has their stories – and their opinions – to share.

But life goes on regardless of the markets. And in places like Buenos Aires, where I was earlier this week, life is positively bustling.

It’s hard to remember that sometimes – especially with the U.S. media cavorting around every bad piece of news available. Let me assure you of this, though: The pessimism preached so liberally lately isn’t as rampant as we’ve been led to believe.

A Lesson From Argentina

If you read a report on the present situation in Argentina, it probably would look bleak. And with good reason, since it’s a country perpetually in crisis.

But over the past few years, its currency has devalued by more than 66% from the equal dollar peg the country had with the US dollar. Food is plentiful and cheap and an excellent dinner with a few glasses of wine costs a mere $25.

The streets of Buenos Aires are packed with shoppers, taxis, cars and buses. Business is thriving. If you need proof of that, just check out the airports bringing in regular droves of businesspeople, tourists and residents coming back from their own vacations.

Despite the prophets of doom, Argentina still manages to not only get by, but actually prosper by South American standards. And even with its history of political strife, corruption and economic devastation that still dogs it today, it’s a perfect place to see potential. Dare I say it there is even hope here.

Unlike Americans, who are largely used to long-lasting comfort, Argentinians have grown accustomed to major upheavals every few years. They seem to have developed an internal safety net that allows them to not only survive, but also thrive within the chaos.

And while it’s normally quite cushy being a First World country, this is where the U.S. is definitely at a disadvantage. We’re not used to upheavals, so the result are disorienting and gut-wrenching.

But Argentina is an example to America that rebounds are still possible – even after all we’ve seen and experienced. What we’re seeing in the U.S. right now is simply “de rigueur.”

First World Opportunities At Third World Prices

Over the past few months, we’ve seen extreme value in the stock market that many – myself included – never thought we’d see. It couldn’t happen, we thought not in our lifetimes anyway.

But now that it has happened, my colleagues at Mt. Vernon Research and I have been using our letters and services to stress the existence of major bargains out there. Of course, just because it’s cheap doesn’t mean it’s worthwhile, but there are enough strong, reliable companies available at once-in-a-lifetime prices to make you a very happy person in the future.

The recent re-test of the market lows yesterday was crushing. In my 400 Report, I wrote last week that if we saw that happen and if we bounced off it successfully, we might have reached a good point for further investing.

I know it’s hard to feel optimistic at the moment in the light of the carnage. And over the past couple of days, the only articles to grace the news have been overwhelmingly negative.

Bankruptcies, almost bankruptcies, lower retail sales, foreclosures it just doesn’t seem to stop. But get this

“Mouth-Watering” Opportunities

Believe it or not, it really is time again to get back into the markets. By all means, hold your nose if it helps, but at least get ready to dip your toes into the water.

I spoke with our biotech guru Marc Lichtenfeld today – and he fully agrees. In fact, he’s called some of his favorite stocks “mind-boggling” because they’re priced so low.

Here’s what else he says:

“Some stocks have been the victims of hedge funds’ forced liquidations and are trading at mouth watering prices.

“Two stocks in the Access portfolio, for example, are particularly attractive. One has a recently approved drug that doesn’t have a competitor in sight, not to mention another cash cow drug generating hefty profits already.

“And the second company I can’t stop thinking about is a leader in stem cell research with products already on the market. Thanks to the previously insane markets, we have an amazing opportunity to get into this emerging technology at a valuation that can only be described as absurdly low.

“I’d love to share more with you. And if you’re as excited as I am, you can get more information on Access by calling our VIP Services Team at: 888.570.9830 (inside the U.S.) or: 410.454.0498 (overseas).

“While I’m excited at the opportunities in front of us, I do have one word of caution: don’t overtrade this market. There will be more opportunities as the weeks go on, and you want to save some resources to take advantage of them as well.

“These severely depressed stocks should provide significant returns over the next few years.”

We’re Getting Close With Commodities

Even in the beaten-down commodities sector, our expert Lee Lowell sees opportunity, despite still having a cautious outlook. I’ll let him tell you in his own words

“We may have seen some slowing in the bearish gloom that’s settled over the commodity sector since the middle of the summer.

“Crude oil has lost a staggering $90 a barrel since hitting its all-time high In July – a move that has lopped a mind-blowing $90,000 off the equity of that contract.

“On the bright side, that’s good news for consumers at the pump, as we’ve finally seen gasoline dip under $2 per gallon.

“And there’s more good news on the horizon. Corn, wheat, soybeans, coffee, sugar, cocoa, orange juice and cotton have all begun to tread water again. What we’re seeing now could be the beginning of base-building for possible longer-term bullish moves.

“At the moment, it looks like cotton and natural gas are the ones to keep the closest eye on, since they’re getting nearest to long-term value levels.

“As with the drop in the stock market, we could be setting ourselves up for a once-in-a-lifetime buying opportunity. If you’re thinking about getting back into the commodities market, though, just be sure to only use limited-risk option strategies.”

On Your Marks Get Set

With such extreme value in so many places, we’re itching to dive back in and bring you some killer recommendations.

While we understand that it might be tough to jump back in, the bottom line is this

We might never see another opportunity like this one to buy shares of companies such as Dow Chemical (NYSE: DOW), General Electric (NYSE:GE), BP (NYSE: BP), Freeport Copper and Gold (NYSE: FCX) US Bancorp (NYSE: USB), Arcelor Mittal (NYSE: MT), Veolia (NYSE: VE), KBR (NYSE: KBR). I could go on and on, since the list is practically endless.

For the most part, these companies are flush with cash, pay healthy dividends, and are in no danger of going out of business. Their only mistake was simply existing when the market happened to crash.

Understand that the markets will probably remain shaky for a little while longer, but in the long-term, we’ve got nowhere to go but up.

That’s all for this week. Have a great weekend.

Karim

P.S. Earlier today, I wrote a special Smart Profits Report column, detailing what I believe is the best investment strategy to use in a market like this. As we approach the holiday season, with many Americans strapped for cash after a brutal year, I wanted to let readers know about this outstanding income-producing strategy. As a Mt. Vernon Research member, you may well be familiar with it already, as it’s one of my core principles, but in case you’re not, I strongly encourage you to check it out here.

P.P.S. Don’t forget you can e-mail us at any time with questions, comments, or feedback. It’s always good to hear from you, so feel free to shoot an e-mail to us here: feedback@mtvernonresearch.com