Government stimulus checks dressed up the results of American retailers quite nicely this year -- but the money has been spent and reality has returned to the stores.
David Strasser of Banc of America Securities says there's value for the investor who shops where consumers are already shopping.
"You knew it was going to happen," he told CNBC. "After the stimulus check, it was going to bounce back; if they can stay in the low single-digit comp-store sales, and they can still get some gross margin opportunities, which they have, they could surprise people on the earnings side."
So who's he talking about?
"I like WalMart here," he said. "I also am a Best Buy fan here -- people think it's crazy to like Best Buy, very discretionary product -- but in past cycles, when you have a strong product cycle, it can outlast a tougher economy."
Strasser's firm owns more than 1 percent of Best Buy stock, and Best Buy and WalMart have been clients of the firm within the last 12 months.