Kirby has long been an investor in dividend-paying equities, which he calls a "timeless" strategy. Not only do you get the benefit of income, but the strategy tends to produce results that are competitive with global markets, he said. Now investors have an added benefit in that dividend stocks are selling at a big discount, he said.
It has a trailing 12-month price-to-earnings ratio of 22.1, versus the S & P 500 's 25.1. Historically, Home Depot has traded between a 10% to 20% premium to the market, Kirby said. "It's at a discount at a time that traffic is probably likely to start inflecting up again," Kirby noted. Home Depot has lost 6% year to date. Another name Kirby likes is Citigroup , which is trading at a huge discount to JPMorgan Chase on a price-to-book value basis.