"With the stock price of Wachovia having slumped by one-third this year to a four-and-a-half-year low and a $1.7 billion fourth-quarter loss on its mortgage-related debts due to hit the books, it has endured some woe. But it's in no danger of collapsing -- at least not judging by the indicators that most people are ignoring.

"Wachovia is a first-class operation. Even in the face of a growing credit crisis, it just raised its dividend to a juicy 6.6%. Not a bad deal, considering it only pays depositors 0.5% on their savings. What's more, with a P/E ratio of just 9, it's cheaper than many of its industry rivals.

"But the main selling point is the heavy insider buying. Between the end of October 2007 and November 2007 -- as the credit crisis approached fever pitch -- Wachovia insiders piled $29.61 million into the company's stock. Citigroup, Merrill Lynch and Morgan Stanley didn't see any insider buying over that time.

"Chairman, president and CEO Ken Thompson snapped up 100,000 shares on November 19 at $39.19 a pop -- a total outlay of $3.92 million -- and called it a 'fabulous investment.' Nobody knows a company better than its own insiders, and buying shares in this magnitude indicates a serious vote of confidence.

"Smart investors know that when bargain opportunities like this are up for grabs, it's not to be missed. There is so much pessimism in the financial sector at the moment. The time to buy is now."