Global Investor: Blue Chips Are a Bargain.

Byline: Barton Biggs (Biggs, the famed Wall Street strategist, is now a hedge-fund manager at Traxis Partners.)

It's a very odd thing. The hundred biggest capitalization stocks on the New York Stock Exchange are doing great by any measure, yet they have never been so undervalued. These blue-chip multinationals are household names like Microsoft and Johnson & Johnson, and they are surely the most intensively covered group of stocks in the whole wide investment world.

Yet, if you ask me, the supposedly hyperefficient capital markets have this asset class priced way too low. ...