Well, we all know Buffet's strategy of picking stocks on sale. Following Buffet's strategy here are the stocks that are deep value considering the hit they have suffered because of overall market downturn

1. BNSF Railway (BNI) - It's a railroad company and it's sheer size is a formidable barrier to the competition. Buffet got around 11% position in this company around April'2007 and the stock has become cheaper. So it's a big buy considering Buffet always buys deep value stocks.

2. General Electric (GE) - This is the company that analysts are predicting to do well in US recession. The company got more than 40% of its revenue from global operation and the wide global exposure makes it relatively immune to US economic downturn.

3. Fomento Economico Mexicano (FMX)- This is another deep value stock. It operates in three sectors - beer, soft drink, convenience store. It's a solid case of a growth stock on sale. It could be a target of acquisition.

4. Graco (GGG) - This is another case of deep value stock. This company has global exposure and makes compression and paint equipments. It has consistent long term earning growth, strong financials and above average return on equity.

Happy investing!