Bargains in Wall Street's Growth-Stock Rejects

Barish's fourth pick, agri-giant ADM, is a little less contrarian. The company is right in the sweet spot, both for the biofuels boom and for soaring Asian food demand.

Yet the stock has come down sharply since the biofuels mania a year ago. It's just 15 times earnings.

The reason? Many on Wall Street think the real winners from the agri-boom will be small farmers. "I find that laughably simplistic," says Barish. "You're talking about the little guys doing dramatically better than the big guys. That just doesn't usually happen."

Cambiar Investments runs about $10 billion these days. Most of the money is institutional, which is where the firm began back in the early 1970s. Brian joined his father in the '90s, after a spell on Wall Street at the blue-blooded investment bank Lazard Freres.

Cambiar runs three funds open to retail investors. Flagship (CAMOX Quote)Cambiar Opportunity (CAMOX) has turned $10,000 into $29,300 since it opened in 1998, says Lipper. The comparable figure for the S&P: barely $15,000.

Cambiar's small-cap fund, (CAMSX Quote)Conquistador (CAMSX), has had a terrific start since it launched in 2004, beating the Russell 2000 and gaining 72% so far.

The (CAMIX Quote)International (CAMIX) fund has been more volatile. Naturally it is up with international markets, but after a great spell almost 10 years ago, it has lagged the indices over the past five years.