By Dan Ferris in the S&A Digest:

I have so many questions when I see stock and commodity prices decline... My first question is about stocks: Are there any good bargains yet? The answer is a resounding yes.

So far, the only true bargains are among the World Dominator stocks. These companies dominate their industries globally. Each World Dominator is the No. 1 company in its industry. They have a huge competitive advantage in the marketplace, often through their unmatched size and scale. They earn consistently high returns on capital. Since they employ massive amounts of capital, they generate huge free cash flows year after year, through crises, regulatory changes, bear markets... you name it.

They're the greatest income generating stocks in existence, raising dividends year after year for decades. One World Dominator has raised its dividend every year for 54 years. Another has raised its dividend every year for 36 years – every year since it went public.

I've recommended eight World Dominator stocks in Extreme Value. Today, as the market declines and all my trader friends prepare to go long again, six World Dominators are selling below my maximum buy price. Skittish speculators make up the mass of the investment herd. They're scared. They're selling stocks. Real long-term investors are salivating at the chance to buy the greatest businesses in the world at unprecedented valuations.

One of these stocks is the cheapest I've ever seen a World Dominator stock at any time since I've been covering them (about four years now). Imagine a company like Coca-Cola or American Express trading at less than 10 times free cash flow, and you'll have an idea of the once-an-eon opportunity I'm talking about.

Crux Note: Dan publishes the World Dominator list with current buy/sell advice on the back page of every issue of Extreme Value, and sends out a list of Extreme Value stocks at buy levels every week in the Extreme Value weekly updates. To sign up and get access to this exclusive list now, click here.

More from Dan Ferris:

Dan Ferris: Don't believe the lies about inflation

Dan Ferris: A one-of-a-kind farmland investment anyone can buy

Dan Ferris: What no one else will tell you about Thursday's crash