I've long been a proponent of timber as an asset class because it's basically the best of both worlds as an investment.

The two best timber companies I've found are Plum Creek Timber (NYSE: PCL) and Potlatch Corp. (NASDAQ: PCH).

So when I say that you should make a list of stocks to buy, I’m not saying you should jump into the market and buy them just because they’re down a few points. I’m saying you should name your price, have the capital ready, and jump on the opportunity IF it comes.

And if this correction is even half as big as I expect it to be, just about every boat will get sunk as the tide recedes.

Even big, blue chip stocks that every investor should own will get hammered.

Last year, Exxon-Mobil (NYSE: XOM) shares sold for less than $60 – even cheaper than they were during the depths of the 2008-2009 bear market – briefly selling for less than 10 times earnings.

That’s the kind of company that should be on your shopping list at that kind of price.

There’s a region of North America home to just 20 million people, but it’s also one of the top 20 biggest economies. It has some of the most massive - truly unmatched - amounts of resources like timber, coal, gold, oil, as well as renewable electricity-generation capabilities such as hydroelectric and geothermal power.

It already supplies much of California, Idaho, Washington and Oregon with water and electricity. And it’s home to three of the per-capita richest cities in North America.

I’m talking about an as-of-yet un-unified region known as Cascadia.

This region joins the Canadian and American Northwest into one single Pacific coast area encompassing the cities of Seattle, Portland and Vancouver.

For years - decades even - a small secessionist movement has kept the hope of a unified, independent Cascadia alive.

It's not often you get a chance to buy a commodity for the less than the price you'd pay during the Carter Administration. That's how I know the time is right to start nibbling at companies in the sector. The underlying asset is a true bargain - no matter how you dice it. So the companies that can bring this particular commodity to market and remain profitable at today's prices are destined to be huge profit machines in the coming years as the price of all "real stuff" continues to rise.

But if you're reading this letter right now, you probably don't care one lick for this commodity. It's the opposite of sexy commodities like oil or gold. In some PC circles it might even offend. It's certainly not one of those commodity investments that you'll brag to a neighbor about at a cocktail party or over a back-yard cookout.

The thing is, this boring, unloved and slightly un-PC investment has creamed the broad market over the past 23 years.