This has been the worst bear market since the Great Depression -- except for 1973-74, when the Standard & Poor’s 500-stock index fell just one half of one percentage point less. But look on it as an opportunity. With stocks at such depressed prices, investors can find plenty of bargains.

We talked to four fund managers, asking each which of the stocks they own they consider “amazingly cheap.” Here are their top picks.

Stan Majcher, Hotchkis & Wiley Midcap Value

Midcap Value’s manager likes battered computer maker Gateway (GTW). The company has $3 a share in cash –- which recently exceeded the share price -- so you’re actually paying very little for the business. Majcher says the stock will rebound when PC demand picks up in the next year or two. “They can cut costs and compete with Dell,” he says.

Majcher believes cost-cutting will also help Principal Financial Group (PFG), a major provider of 401(k) plans to small- and medium-size businesses. The stock sells at 12 times 2003 analysts’ estimated earnings and is growing about 11% annually.

Teekay Shipping (TK) is another Majcher favorite. When OPEC’s production picks up, rates for shipping oil will climb, he says. The stock trades at book value, yields 2.4% and “is one of the best run tanker companies,” says Majcher.

Jim Norris, C&B Midcap Value

Norris, who co-manages the fund, likes jewelry maker Zale Corp. (ZLC). The nation’s largest jeweler, with stores that appeal to all kinds of jewelry buyers, missed a quarter and the stock cratered. It now sells at one-half times sales and about ten times 2002 projected earnings. The company is consolidating a fragmented industry.

Norris also owns Parametric Technology (PMTC), the largest high-end producer of mechanical design software. Parametric sells software to huge companies, such as GM and Boeing. Plus, it has a new product that will allow engineers to collaborate from different locations.

The new business is losing money because of startup costs, while the old business is earning about the same amount, so overall the company is about breaking even. It sells at just one times sales, has no debt and has loads of cash.

Boniface Zaino, Royce Opportunity

“Buzz” Zaino is bullish on Allen Telecom (ALN), which makes base stations for wireless telephone transmissions. The company is breaking even. But it sells at just one-half times book value and one-half times sales. It generates $400 million in sales annually.

Zaino also recommends Gencorp (GY), which makes sealings that go around the windows in cars, has an aerospace and defense business, and has a chemical business. The stock trades at about twice book value and less than ten times what Zaino thinks it will earn when its defense business accelerates.

Victor Cunningham, Olstein Financial Alert

Cunningham, who is research director of the Olstein fund, recommends Everest Re (RE), a reinsurance firm that sells insurance to insurance companies. The stock has been hit because the company has exposure to WorldCom, terrorism and asbestos. But premiums are up 50%, the company has little debt and it is very well managed, Cunningham says. He expects earnings to rise to $6.50 in 2003, giving the stock a price-earnings ratio of less than ten.

Merrill Lynch (MER) is another Cunningham favorite. While the company is out of favor because it has been rocked by the analyst scandals and the bear market, Cunningham says Merrill is cutting costs and focusing on profitable businesses. “It’s setting itself up for a big move once the financial markets stabilize,” he says.