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Let's talk contrarian investing. Being a contrarian investor is often defined as going against the market current and popular thinking. A contrarian aims to buy high quality assets at fire sale prices.

Warren Buffett has said investors should be fearful when others are greedy, and greedy when others are fearful. Now is the time to get greedy. Sovereign bond vigilantes in Europe have cratered the Spanish and Italian markets, and fears of a slowdown in China have crushed the Emerging Markets. A great contrarian trade is now open for investment and traders.

Within the market the worst hit sectors by far are the "cyclical stocks." Companies which rely heavily on global growth, industrial expansion, and infrastructure spending have sold off incredibly in the past few months, with shares often revisiting 2011 lows and heading lower.

The Seeking Benny Frank Institute offers 6 heavily sold-off contrarian buys for risk takers and deep value hunters. The following companies offer investors a great value and pay you to wait.

Infrastructure

All 3 companies below are massive infrastructure conglomerates, making everything from turbines to engines to trains.

Siemens (SI) $81.13 per share; 4.80% yield

SI is the "German General Electric" and makes everything from power turbines to medical devices. Since global growth is dead forever and will never come back, SI shares have sold off dramatically over the last two years, down more than 44%. SI shares offer a great high quality value down here at only 13.4x times earnings, and look to head higher over the next few years. When growth returns to Europe Germany and Siemens will lead the way.

ABB (NYSE:ABB) $15.77; 3.79% yield

ABB, my top infrastructure pick, is a Swedish-Swiss conglomerate operating mainly in robotics, power, and automation technology areas. ABB is one of the largest engineering companies in the world and has operations in over 100 countries. Over the last year shares have been under constant selling pressure and have dropped 42% from their 2011 highs. ABB is a high quality and exciting company with the misfortune of trading in Europe. This Swiss blue chip makes a great addition to portfolios looking for value, yield, and EU exposure.

General Electric (NYSE:GE) $19.97; 3.41% yield

GE is just a monster of a company at 211B in market cap. With a little global growth "the General" looks poised to coin profits in coming years. The dividend has been raised and GE Capital has yielded its first fruits in years. It may be time to start building a position. GE is not as under valued as its competition SI or ABB, but makes for a good addition to any portfolio looking for yield and cyclical exposure.

Global Growth/Industrial Expansion

Caterpillar (NYSE:CAT) $81.43 per share; 2.55% yield

CAT, my top industrial pick, is headquartered in Peoria, Illinois, and offers investors a great pure play on global manufacturing, construction, and mining growth. Think of the company as the "Apple (NASDAQ:AAPL) of bulldozers." The company blew away last quarter and looks to grow earnings double digits for the next few years. With Chinese and EU fears clogging the headlines CAT shares have quietly sold off 29.9% from their 2012 highs. This high quality dividend aristocrat and global brand now trades for just 10.2x times earnings. Steal these shares now.

Cliffs Natural Resources (NYSE:CLF) $42.67 per share; 5.82% yield

CLF from Cleveland Ohio, operates iron ore mines all over the world. The materials sector has been left for dead as a of late and looks due for a rebound as China is not falling into the sea. This relatively small mining company at just 6B in market cap comes with substantial risk; buffered only by its substantial yield of 5.8%. Cliffs is a hated stock in a hated sector during a debt crisis; now may be the time to buy.

BHP Billiton (NYSE:BHP), (NYSE:BBL) $62.52, $54.80 per share; 3.52%, 4.01% yield

BBL is the monster Australian mining conglomerate in the materials space, and is trading at near record low valuation. BBL shares are down more than 20% from their 2012 highs, and more than 35% from their 2011 highs. BHP is a great multinational mining company and looks ripe to be bought down here. Shares trade at just 6.4x times earnings, yield 4.01%, and make a solid addition to any portfolio looking for value, commodities exposure, and yield.

Source: Let's Not Panic: General Electric, BHP, And 4 More Contrarian Cyclical Buys