"We own several stocks in our portfolio that are selling for less than their book value and with a P/E ratio of less than 5 -- but the prize among bargains is Teck Cominco (NYSE: TCK), our most promising stock for 2009," says Neil Macneale.

In his 2-for-1 newsletter -- which initially buys stocks when they announce 2-for-1 splits, he says, "It would be hard to argue this company is not literally being given away."

"I bought this stock for the 2 for 1 portfolio over a year and half ago and it's stock price has declined by about 90% since then.

"The Canadian mining company produces copper, zinc, gold, and metallurgical coal. All assets are in North America except for most of its copper operations, located in Peru.

 "With a PE ratio bouncing between 1 and 2, and a Price-to-Book ratio at around 0.3, you are getting a well established (1906), well run, asset play for less than its book value, even if existing plant and reserve values are slashed by over 50%.

"And, as a bonus, you are getting all future earnings for free. The balance sheet is strong in spite of recent acquisitions, and the miserable outlook for commodities over the short term will not vaporize the hard assets this company has in the ground.

"So why is the stock off so dramatically? Its dividend was suspended recently to provide cash to pay off the acquisition of Fording Coal. Teck Cominco is using its cash to buy distressed assets, as I recommend you do with yours. The dividend would be expected to resume as debt financing becomes more available.

"One hesitation here is that TCK may not return to favor in the market within 2009, depending on how long the economy is in the doldrums. But certainly if your investment horizon goes out beyond one year, this stock would seem to be a screaming bargain."