"It's a scary time to invest," says hedge fund manager Joel Greenblatt, but "that’s when you get your best bargains." He thinks now is the time to pick up shares of good companies on the cheap. His favorite picks: Gamestop (GME), American Eagle (AEO), Best Buy (BBY), Microsoft (MSFT) and Hewlett Packard (HPQ). These stocks "are reflecting a lot of skepticism right now," he notes, and "usually it doesn’t look this good unless things are terrible." (Video).