Checked in with Matthews (as in Jeff) of

Ram Partners

(

no stranger to this col) regarding his experience in this market. "I own more stocks now than I've ever owned in my life," he says. He's been buying them over the past several months and used this week's downdraft to buy more.

These are "real" companies that trade at around 10-times earnings and are small enough that if they don't rise on their own could be (or so he believes) taken private. His bet is that as money comes out of e-tailers and other former New Economy highfliers "it'll be looking for a less risky place to be."

What's more, if the

Fed

ends its tightening -- causing this market to boom once again -- "we'll look back and remember when you could buy stocks at 10-times earnings that are real businesses and that are doing fine."

Matthews' favorites include

Jack In The Box

(JBX)

,

Office Depot

(ODP) - Get Report

,

Claire's Stores

(CLE)

(which just bought its biggest rival),

Barnes & Noble

(BKS) - Get Report

,

Thomas & Betts

(TNB)

and

Hon Industries

(HNI) - Get Report

, all of which he owns. Meanwhile, "Everyone is debating over whether this is a head fake into the Old Economy," Matthews says. "Who cares if a stock doesn't go up? It'll get taken over, and that's what happens."

Actually, that's what is increasingly happening as companies tell Wall Street to shove it.

Check out Herb's column from this morning by clicking here

.

Herb Greenberg writes daily for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, though he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He welcomes your feedback at

herb@thestreet.com. Greenberg also writes a monthly column for Fortune.

Mark Martinez assisted with the reporting of this column.