India’s stock market is down 23 percent this year. But it’s still one of the world’s great long-term growth plays, says Martin Hutchinson in part two of Money Morning’s special report on BRIC economies.

India is suffering high inflation, its growth is slowing and there are signs that a credit crunch is about to hit. But this can work to the advantage of investors. Without these problems, India’s stock market would be trading at 40 times earnings – and not 18 times earnings, as it is now.

Martin says that buy buying into India now, investors are likely getting in on the ground floor of a major long-term bull market.

U.S. stocks are taking a beating. And ‘bottom feeder’ investors are on the hunt for a turning point. Rick Pendergraft at Investors Daily Edge says you have to be selective if you want to fish around the bottom. Just because a stock has slumped doesn’t mean it can’t sink further. Rick says the trick is finding a company with strong fundamentals (plenty of cash in hand) and bearish market sentiment…

When stocks are beaten down, many investors are tempted to bottom fish for bargains.

There is nothing wrong with this. There are major profits to be made in bear markets.

But Lynn Carpenter in Investor’s Daily Edge cautions investors against confusing a low stock price with a bargain: “Potential, not price, is the metric to follow when you’re tempted to bottom fish.”

That’s why insurer American International Group (NYSE:AIG) is a potential bargain and Ford Motor Company (NYSE:F) is not…