"The silver lining to the market decline is that it has created tremendous buying opportunities," says Gregory Dorsey.

The contributing editor to Stephen Leeb's Income Performance Report adds, "Consumer staples are set to sail through a tough economy." Here, he takes a look at PepsiCo (NYSE: PEP) and Heinz (NYSE: HNZ).

"From Gatorade and Tropicana to Frito-Lay and Quaker Foods, PepsiCo has built a $42 billion global empire marketing drinks and snacks that consumers are likely to buy through thick and thin making PepsiCo the classic consumer staples company.

"Over the next several years, we expect PepsiCo's earnings to grow at an average annual rate of 10% or more. The stock currently pays a 3.0% yield, and management has raised the dividend for more than 30 years in a row.

"The company has a strong balance sheet with low long-term debt. Best of all, Pepsi stock now trades at its lowest valuation (about 13 times next year's expected earnings) since 1990, making it a compelling buy now.

"I think now is a particularly opportune time to buy the world's largest fast-food company, YUM! Brands (NYSE: YUM) ," says Louis Basenese.

The associate investment director and contributing editor to The Oxford Club observes, "YUM Brands operates 35,000 restaurants under the KFC, Taco Bell and Pizza Hut brands." Here's his review of the firm's outlook, including its expanding role in China.

"For starters, YUM keeps extending its streak of impressive results. For the seventh quarter in a row it beat expectations. Earnings per share increased 16% for the quarter and 28% year-to-date. Not to be overlooked either is the fact YUM raised guidance. Again.

"This quarter, fewer than 5% of companies in the S&P 500 can boast this triple whammy (beating earnings and revenue estimates and raising guidance). Ironically, while most of the other triple-whammy stocks enjoyed hefty single- and double-digit run-ups on the announcements, YUM sold off.

"And here's where I think most investors are missing the boat, and once again focusing too heavily on the short term. Yes, YUM's in a pinch. Food costs are rising and consumers are spending less.