"Weakness in commodities suggests a screaming sign of an overreaction; it's time to take another look at a high-quality, high-yielding commodity stocks such as Southern Copper (NYSE: PCU)," says global investing expert Nick Lanyi.

In his High Yield International, he says, "With mines in Mexico and Peru, Southern Copper ranks #1 in total copper reserves of any publicly traded company, making it almost a pure play on a rebound in the metal's price." Here's his contrarian outlook.

"Southern Copper has enough reserves to continue its current rate of production for the next 80 years without a single expansion or acquisition.

"With copper prices falling, the firm's earnings are taking a hit -- and the dividend has recently been cut. Now that this cut has already been factored into the shares, I think it's a better time to look at the stock than just a few weeks ago.

"Based on 2008 dividends, the stock yields 12.7% at the current price. Even if the dividend comes down more, I look for a yield of 8-9% over the next 12 months.

"While U.S. banks have struggled amid the credit and housing crises, Credicorp (NYSE: BAP) has excelled," notes John Reese, who assesses stocks based on the strategies of various well-known and time-tested gurus.

Here, the editor of the Validea newsletter looks at the Peru-based banking firm commerical banker and explains how it "passes the test" for four leading guru strategies: Peter Lynch, Martin Zweig, the Motley Fools, and William O'Neill.

"Credicorp's main subsidiary, Banco de Credito del Peru, actually grew its mortgage business 8.2% in the third quarter of 2007 (the most recent quarter for which data is available) as Peruvians' purchasing power continued to increase.

"My Peter Lynch-based strategy considers Credicorp a 'fast-grower' because of its 42.44% growth rate (based on the average of the three-, four-, and five-year earnings per share figures).

"Lynch famously used the P/E/Growth ratio to identify growth stocks selling on the cheap. By dividing Credicorp's 19.6 P/E ratio by that growth rate, we get a P/E/G of 0.46, which falls into my Lynch-based model's best-case category (below 0.5).

For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"Don't get scared off by the name at Credicorp (NYSE: BAP), my favorite 'home run' pick for 2008," explains John Reese, of Validea, a quantitative advisor service based on following the strategies of leading market gurus such as Peter Lynch and Warren Buffett.

"While US banks have been floundering amid the credit and subprime crises, this Peruvian upstart has sparkled, gaining 30% since mid-August.

"The holding company's businesses are involved in commercial banking, insurance, and investment banking, and, if subprime's got you down, consider this: Credicorp's main subsidiary, Banco de Credito del Peru, actually grew its mortgage business 8.2% in the third quarter as Peruvians' purchasing power continued to increase.

"What's more, Credicorp's fundamentals are so strong that it's one of just three stocks currently getting strong interest from three or more of my 'Guru Strategy' computer models -- those that I base on the writings of Peter Lynch, Martin Zweig, and The Motley Fool's David and Tom Gardner.