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Stock Strategy: Buy The 'Fire Sale'

"Panic" is breeding stock-buying opportunity, says Bill Quinn, chairman of American Beacon Advisors. He offered CNBC his investment advice amidst market turbulence.

The strategist, who plans for long-term investment scenarios, said that Wednesday's surge in gold prices signifies a flight to quality -- historically consistent with market jitters.

Shares being sold for "fire sale prices" are "creating some of this panic," said Quinn. "But we think there's going to be lots of opportunity" to pick up shares of quality companies cheaply, he believes.

Recommendations:

What should savvy stock-shoppers look for?

"Global leaders with very good balance sheets and capital" -- firms that are not too heavily leveraged, he said. "Even in the financial sector," there are good values, Quinn declared. He recommended private-equity firms, pointing to the ones in the running to buy Lehman Bros.' Neuberger Berman arm.*

*(Reports say Bain Capital and Hellman & Friedman are tops on that list.)

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CNBC's Financials in the News:

Washington Mutual (WaMu)
(WaMu Auctioning Itself)

Morgan Stanley , Wachovia
(Morgan Merger?)

Goldman Sachs
(Goldman Shares Plunge)

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Disclosures:

Disclosure information was not available for Quinn or for his company.

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