Value Abounds, but It's Not Time to Buy

This column was originally published on RealMoney on Aug. 18 at 2:30 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

The accepted wisdom is that when the market has been as bad as this one has been over the past month, investors should raise cash and build a watch list of stocks to pile into when the market finally turns up again.

That's what I've done, and my watch list now runneth over.

It's difficult to tell precisely when this market will finally give more credit to the enormous number of beaten-up, black-and-blue-and-still-bleeding value-type plays with good long-term prospects. Insiders have certainly not been shy lately to point out when they see such plays. ...