I'm sure the downtrodden stock market has brought sadness to many people. As someone looking long term I am trying to put the current market into perspective. 'My pal Warren' always says that truly astute investors should actually be happy when the market is down because they are able to buy things on sale. I agree, so what to buy?

Three of the stocks I have been following fall into very different arenas. One is being severely affected by the housing market and familiar to the average consumer. The second might be a familiar name but not a daily haunt by the average consumer. The third falls into the middle ground and is a solid company and favored by Warren Buffett who owns shares through Berkshire Hathaway (NYSE: BRK.A).

It's been a while since I wrote about The Home Depot, Inc. (NYSE: HD). My optimism last year about the company proved misguided as the stock tread water most of the year and then took a dive as earnings reports deteriorated. When I originally commented on HD 14 months ago it was trading at $39.73, finishing the year at $26.27 for a loss of 33.88%. It started with a 2.31% yield .

Yesterday it closed at $27.39. I think that Home Depot would be a takeover target at today's valuation if private equity markets were not so tight. It is now paying a 3.29% yield which is even more appealing then before. The earnings and stock price may see even darker days before it starts to appreciate again and I have no idea what that time frame might be. However, there has never been a recession or even depression that we have not recovered from and when we do Home Depot and it's shareholders will be some of the benefactors.

On my watch list most of last year, I never quite found the right price to buy in. Tiffany and Co (NYSE: TIF) has seen a 52-week low of $32.84 and a high of $57.34. I came closest to buying in at around $44 but thought that was too expensive at the time, only to watch it rise 30% and leave me behind. Now it has come back down to what might be value range and I am interested again.

At yesterday's closing price of $36.91 it is paying a dividend yield of 1.63% but as my colleague Brent Archer posted last week Tiffany & Co (TIF) outlook comes in above estimates. This company is still expanding. At 36% off its high and 16% below my previous point of interest this looks like another gem I might be owning very soon.

I have been following Wells Fargo (NYSE: WFC) for three years and all the time I felt it was just out of my value reach. The company and the stock have performed well during that time. Now that the bank stocks are in the dumps, it has continued to out perform most of the competition by not overloading on the riskier end of the mortgage business.

Wells pays a delightful 4% dividend yield and remains one of our strongest banking enterprises. This one is a no- brainer if you want to get back into the banking sector. Over the last fiscal year WFC has brought in over 15% net profits, and when the economy turns for the better Wells Fargo looks like it may very well be better prepared then most institutions to take market share from the weaker players.

So here are three stocks that have gone down with the market, have strong enterprises and brand names, all paying dividends, that are worth putting on your watch list. For long-term investors it might even present a good entry point right now.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of BRK.B.