In The Turnaround Letter, he suggests, "But what about some of the biggest, best known and best managed companies that are trading below where they were ten years ago? That's pretty tempting." Here, he looks at 8 stocks that still trade below their 1999 highs.

"Sure, late 1999 was the last gasp of the Internet bubble, and so that explains some of the tech names. But our list includes retail, beverage, entertainment, drug and other low-tech businesses.

"We can't tell you exactly what is going to propel these stocks back to their former heights – if it were obvious, Wall Street would be all over these stocks and they wouldn't still be in the doldrums – but we think many of them could be poised to rebound.

"Moreover, a number of them have generous dividends, so that you get paid while you wait. 

"Alcoa (NYSE: AA), as one of the world's largest suppliers of aluminum, has faced substantial headwinds during the economic downturn. A slide in revenues began in the third quarter of 2007, but in the most recent quarter, the company returned to profitability.

"In addition to improving cyclical trends (such as better supply/inventory balances), Alcoa is benefiting from growing demand out of China. To be sure, the company will profit most from a broad-based economic recovery. But at current prices, there appears to be sufficient value to await the upturn.

"Coca-Cola (NYSE: KO) is perhaps the most widely recognized brand name worldwide. Some may think the fizz has gone out of the brand, but Coke's steps in non-carbonated beverages, such as, Dasani water, Powerade sports drinks and Minute Maid juices are paying off.