Sure there is a lot of carnage out there that is worth picking over. I only will tell you where I've bought, so I follow my father's adage of only investing with people who put their money where their mouth is.

My weekly specials:

I'm initiating buys in Biovail (BVF) and BT Group PLC (BT).

Biovail, the folks who brought you Wellbutrin, have been cleaning up their act and getting it together. With 500 million in forward R&D and $2 million in debt and a price that yields around 11% on the dividend, even if their next product hits snags this summer, it should, in the 3-5 year window, be a very attractive investment.

BT is British Telecom. Part of the holiday sale on British stocks of great value, you can't beat BT's dominance over the Empire.  They have competition, but at the discount to fair market that it is trading at, plus the 7.52% dividend, I can afford to watch my money grow.

Still Buying American

I'm buying more American Express (AXP) and American Capital Strategies (ACAS).

American Express is well positioned for more growth, has a catbird's lawsuit that gives them negotiating clout with banks, and some of the financially strongest clients in the business.  They focus on their core competencies now, and look to be able to move upward.

American Capital Strategies continues to develop a client base that looks to bring a healthy cash flow back to their bottom line. The stock is cheap, hammered along with the rest of the lemming tide out of the sector. If everyone abandoned the Ritz, short of a nuclear bomb dropping on it at any moment, I'm walking in for a glass of reduced-Euro champagne.