As a self-styled Warren Buffett / Benjamin Graham disciple and true value investor, I usually stay far away from short-term trading and speculative plays. But every once in a while, the gambler in me comes out and I take a chance and roll the dice on some speculative issue that somehow grabs my attention, always with varying levels of success. Last year's gamble on Arena Pharmaceuticals' (ARNA) FDA approval was a very successful gamble, while my play on Arch Coal (ACI) turning around was less than memorable.

Last Monday evening, I read the Wall Street Journal's article detailing Fannie Mae's (FNMA.OB) announcement that it was delaying its Q4 earnings report while it determined if it is able to reclaim a deferred tax asset (DTA), which in theory at least, would allow Fannie Mae to make a $61.5 billion repayment to the Treasury Department. I made a snap decision,

It is well known that Berkshire Hathaway's (BRK.B) recent partnership with 3G Capital to acquire H.J Heinz CO (HNZ) did not satisfy Warren Buffett's appetite for acquisition. Mr. Buffett has made it quite clear in several interviews that his "elephant gun" is still locked and loaded, and that he's on the hunt for yet another multi billion dollar deal.

Early in his legendary investing career, Buffett built his reputation mainly as a value investor, using his mentor Benjamin Graham's long term market weighing machine to seek out undervalued companies and waiting for Mr. Market to realize the underlying true value.

In more recent years, as Berkshire Hathaway grew into the massive conglomerate that it is today, Buffett has displayed a willingness to pay full value, and to even offer a significant premium, to acquire what he considers to be great companies, as his 2009 Burlington Northern and recent Heinz deal

With the market struggling for direction as it approaches multi-year highs, value investors are finding bargain basement stocks difficult to find. Slow-growing blue chip dividend payers such as Proctor & Gamble (PG) and Coca Cola (KO) are trading at P/E levels close to or over 20. Laggards from 2011, such as financials like Bank Of America (BAC) and Wells Fargo (WFC), and homebuilders like Lennar (LEN) have had tremendous run-ups over the last year. That's not to say that these stocks are not still good investments, but if you're a true down and dirty value stock picker like I am, you would have been looking at these stocks a year ago.

So where should the value investor be looking right now? I believe that business development companies, or BDCs, are one of the most overlooked segments in today's market, and

In my last article, I wrote about four of my favorite undervalued buy and hold stock picks for long term investors to consider as we head into 2013. In this article, I've chosen to highlight my four favorite speculative stocks plays for the new year. I feel it important to mention that I am a primarily a long term value investor, but I do occasionally enjoy playing a more speculative pick in small amounts, as I did earlier this year with Arena Pharmaceuticals (ARNA), much to the delight of the balance in my trading account.

I believe that the following four stocks could all be strong gainers in 2013, if the slow but steady US economic recovery continues, and could rally sharply if Washington manages to come to an agreement to resolve the looming fiscal cliff. An agreement would remove a major source of uncertainty for investors, which I

Back in July, I wrote an article reminding investors about my favorite Warren Buffett quote, "We simply attempt to be fearful when others are greedy and to be greedy when others are fearful." In the article, I highlighted three "fearful" stocks that I felt represented good long-term buying opportunities, and with the new year rapidly approaching, I feel now is a good time to take a look at a few more "fearful" stocks.

With the highly contentious presidential election finally behind us, the European debt crisis has again returned to the forefront, and added to the looming "fiscal cliff" our nation faces, has driven many investors to take profits and race to the sidelines. I believe this is a mistake, and that now is one of those times to be greedy.

Forgotten in all this fear and uncertainty is the fact that the US economic recovery, while slow, continues

Freeport-McMoRan (FCX), the world's largest publicly traded copper producer, announced disappointing 3rd quarter earnings on Monday, with net income of $824 million, or $.86 per share. Excluding credits for environmental adjustments and deferred income taxes, adjusted income of $.68 per share came in well short of the $.74 per share expected by analysts. The disappointing earnings were mainly attributed to higher than expected production costs and lower production volume at Freeport's Grasberg mine in Indonesia. Overall revenue of $4.42 billion was higher than the $4.36 billion expected by analysts. Despite the weak quarter and the short term headwinds the company faces, I continue to believe that Freeport is undervalued, and would recommend investors consider buying the stock on any earnings related weakness.

Freeport-McMoRan is a leading international mining company, and is the world's largest publicly owned copper miner, the world's largest producer of molybdenum, and

Back in July, I wrote an article outlining the reasons why I consider Navidea Biopharmaceuticals (NAVB) to be a "Diamond In The Rough". Even though Navidea stock had run up approximately 40% over the four weeks before I wrote the article, I still felt that it had plenty more room to run, and fully expected it to reach the $5 to $6 level leading up to it September 10th PDUFA date.

What actually happened was an unexpected pullback, from a high of $4.68 on July 23rd to its most recent close at $3.64. During that time, biotech investors have watched stock after stock get slammed post approval by hedge funds using massive short positions to pile on to post approval profit taking to drive the stock prices right back down. Obesity drugs from Arena Pharmaceuticals (ARNA) and Vivus, Inc (VVUS), Amarin Corps's (AMRN) Vascepa, Horizon Pharma's (HZNP) Rayos,

In one of my previous articles, I mention that one of the first books on investing that I ever read was "One Up On Wall Street" by Peter Lynch. This was quickly followed up with his second book, "Beating The Street", and I still read both books every few years as much needed refreshers.

In "Beating The Street", Lynch discusses the important role that small bank and savings and loan stocks contributed to his historic performance as fund manager of Fidelity's Magellan mutual fund. These smaller regional and community banks often offer an opportunity for growth, dividend income and the occasional buyout play, and for the most part, without the economic, regulatory and legal headwinds facing the nations largest banks.

Lynch stresses several metrics that he used to rate these smaller bank stocks, including share price, dividend, book value, and equity-to-assets ratio (E/A), which he calls "the most important

In my recent article highlighting home furnishings retailer Bed Bath & Beyond (BBBY), I mentioned that as a value and growth investor, I don't often find companies offering both significant share price value and strong growth potential. Due to softening second-quarter retail sales expectations, many nervous investors are focusing on disappointing short-term sales trends and losing sight of the longer-term growth and value opportunity that many retail stocks are offering the patient investor.

Body Central (BODY) is a specialty retailer of teen girl and women's apparel. The company operates 246 store in 23 states under the Body Central and Body Shop brands. The company was founded in 1972 and is based in Jacksonville, FL. Shares of Body Central have been pummeled over the last few months, having dropped 66% since late April, when the company announced a 1.4% decline in same-store sales. The company also recently lowered its outlook

As a value and growth investor, I am always on the lookout for undervalued companies in out-of-favor sectors as well as companies that offer sustainable growth prospects, and it's a rare occasion when you run across a company that appears to offer both.

With US economic growth slowing, and consumers once again scaling back spending, the retail sector has certainly taken its lumps recently, and even giants like Wal-Mart (WMT), Target (TGT) and J.C. Penney (JCP) have felt their share of the pain. But with a combination of continued sales and earnings growth, expansion through new store openings and acquisitions, and shares trading well off their 52 week high, home furnishings retailer Bed Bath & Beyond Inc (BBBY) seems to offer just that sort of rare opportunity.

The Company

Bed Bath & Beyond Inc operates a chain of retail stores, selling a range of domestic merchandise, such as bed linens,

Economic fear seems to be everywhere these days, and if there's anything the market hates, it's uncertainty, as can be attested by the remarkable volatility we've experienced over the first half of 2012. With the talking heads constantly hammering investors with headlines proclaiming the latest doom and gloom out of Europe, weak second-quarter earnings, multi-billion dollar bank losses and slowing growth in both the U.S. and China, it's no wonder so many investors jump in and out of the market or choose to stay on the sidelines altogether.

With all of this uncertainty in mind, we would all do well to remember my favorite quote from Warren Buffett: "We simply attempt to be fearful when others are greedy and to be greedy when others are fearful." We've all heard this line before, but if investors had put this bit of wise advice to practical use as often as they've quoted

Much has been written lately about the dangers of the obesity epidemic facing our country. According to the Centers for Disease Control, nearly one third of Americans (35.7%) and approximately 17% (or 12.5 million) of children and adolescents aged 2-19 are considered obese. Since 1980 alone, obesity rates among children and adolescents have almost tripled.

This dramatic rise in obesity rates over the last few decades is mostly attributed to the widespread availability of processed, high calorie junk foods that are high in sugar and saturated and trans-fats. Added to the increasingly sedentary lifestyle of most Americans today, it's easy to see why we are quickly falling behind in the "Battle of the Bulge".

Obesity-related conditions include heart disease, stroke, type-2 diabetes, hypertension and certain types of cancer, some of today's leading causes of death. The nation also faces a staggering $190 billion dollars per year in obesity related

About 10 years ago, my mother-in-law gave me one of the greatest gifts that I've ever received—a copy of Peter Lynch's "One Up On Wall Street." It was the first book about investing that I had ever read, and one that I still pick up every few years and read again. Most of the companies that he discusses in the book are now dated, but his investing principles certainly are not.

Lynch, in his book, talks about investing in stocks that fall into his six "categories"—slow growers, stalwarts, cyclicals, turnarounds, asset plays, and my favorite, fast growers. In this article, I've chosen to write about three small cap stocks trading at bargain prices that I believe Peter Lynch would call fast growers, and that he would have added to his Fidelity Magellan portfolio.

Bravo Brio Restaurant Group, Inc. (BBRG)

Columbus, OH, based Bravo Brio Restaurant Group operates two Italian restaurant

So far, 2012 has proven to be an exciting year in the biotech sector, with investors moving quickly from one hot stock to the next. Some of these companies have rewarded investors with tremendous returns, such as Arena Pharmaceuticals (ARNA) which is up over 470% since the first of the year on the strength of their newly FDA approved obesity drug Belviq.

Others have proven to be clunkers, such as Chelsea Therapeutics (CHTP), which is down over 75% in the same time frame due to the FDA having recommended additional clinical trials for their rejected hypotension drug Northera.

Such is the name of the game in the highly speculative biotech sector, and it is critical to the individual investor to perform extensive due diligence in order to find the companies with the promising drug candidates, near term catalysts and stable balance sheets needed to deliver the types of stellar returns