While many advisors buy and sell based on the outlook for the next few weeks or months, the legendary advisor Charles Allmon takes a decidedly long-term approach to investing. Indeed, the editor of Growth Stock Outlook is recommending a buy on Altria Group (NYSE: MO) for those looking to buy and hold a stock for the next five years.

Allmon, featured in The Bull & Bear Financial Digest, explains, "Altria, and its Phillip Morris operation, hardly needs introduction as the world's largest tobacco company. Marlboro, their famous and leading brand, continues to grow, particularly in international markets. Revenues in 2007 might approach $70 billion, after the Kraft spin-off."

He continues, "Altria's foreign cigarette business in recent years has grown nicely, well ahead of Phillip Morris USA. This could continue for the foreseeable future, even though foreign brands continue to offer stiff competition." Allmon adds, "Do keep in mind that Altria pays a hefty cash dividend which has been raised substantially each year."

He also speculates, that there is the prospect that Altria will split into two companies, Phillip Morris USA and Phillip Morris International. In that event he says, "I would expect to hold shares of both, which most likely will continue to lay those golden eggs - cash!" His conclusion? "I would buy MO today for a five-year hold."

Each day, Steven Halpern's TheStockAdvisors.com features the latest investment ideas and market commentary from the financial newsletter community.

With market volatility jumping up in China, it might provide a good entry point to get into HSBC Holdings ADS (NYSE: HBC), the old Hong Kong Shanghai Bank.

David Herro, the long-time successful international fund manager at Oakmark, recommended the stock a few weeks ago in Barron's at $89 per share. The stock is now down to $86 on yesterday's global sell off. Herro liked the stock as a more conservative play on Asia and its many emerging markets.

Chuck Allmon, long-time investor and publisher of Growth Stock Outlook investment newsletter, also likes HSBC. In an interview with Kate Welling at Welling@Weeden, Allmon mentioned he liked the world's fourth largest bank because it has balanced exposure to North America, Europe and Asia. Allmon also liked HSBC's 4% yield and only 11x earnings valuation.

As the lemmings panic over a much needed correction in China, yesterday's sell off provides the level-headed investors with an opportunity to get into this stock.