In Forbes new “2009 Investment Guide” issue, contrarian specialist David Dreman says that now is the time to buy stocks. “Do not flee the market by selling your quality stocks,” Dreman writes. “Yes it’s the worst bear market since 2000-02, and stocks are trading at valuations not seen in decades, but equities will come back.”

Dreman has been pretty bullish in recent months, but he now appears to be a making a major bull call that goes beyond specific sectors or stocks. “There is almost an endless choice of quality businesses trading at or near liquidation prices,” he says, telling investors to focus first on oil companies and producers of raw materials. “In a panic, people think growth is gone forever,” he says. “These stocks reflect that misapprehension.”

Another area Dreman cites as a good long-term bet: real estate. He expects major inflation once the current crisis is over, and if you can get a mortgage now, “you will eventually be paying it back with 50- or 60-cent dollars”. Stocks, he notes, are also better inflation-beaters than other investments. “Take that money out of your mattress,” he concludes. “If you don’t, you’ll miss one of the great buying opportunities of your life.”