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With big names continuing to struggle, there are discount stocks to buy out there that may not stay this cheap for much longer.

The stock market is rife with opportunity currently. That opportunity is a product of fear that continues to grip the markets. Remember, there are two sides to every story. So, rather than allowing fear to dictate inaction consider Warren Buffett's advice: "Be fearful when others are greedy and greedy when others are fearful."

That contrarian wisdom indicates that discounts abound. The devaluation of tech stocks is a major part of the story. That's one area where massive opportunities continue to exist. But it isn't the only one. Overall, successive rate hikes from the Fed are sparking renewed fears that have affected the entire market. 

That means those who choose greed rather than fear can find deals in these discount stocks to buy across sectors and industries. 

Markel Corporation (MKL)

Markel Corporation (NYSE:MKL) stock is among sharply discounted equities that are outside of the tech industry. It is also primary among discount stocks to buy before they bounce.

The company sells insurance and re-insurance. Along with that business, the firm also maintains a sizeable investment arm and a venture capital business. 

The good news for the company is that both its insurance and capital venture businesses continue to perform very well. Both businesses have shown revenue growth in the first half of 2022 of 17.2% and 29.7%, respectively. 

The firm's investment arm has suffered in the broader equity downturn that has marked the first half of the year. But that's the bargain here: Buy MKL stock because it's 31% under its target price on the notion that its long-term investment horizon will benefit from a rebound with the broader market.

That's the only thing that has pulled the firm lower. Otherwise, it would trade much higher. It is very likely to do so again in the future.

Ally Financial (ALLY)

Investors should start by understanding that Ally Financial (NYSE:ALLY) stock is currently discounted by more than 43%, making it one of the deepest discount stocks to buy now.

The one-stop digital financial services firm is an underpriced fintech player with the backing that comes with being part of Berkshire Hathaway's (NYSE:BRK.B) portfolio. 

In other words, ALLY stock benefits significantly from the fact that Berkshire Hathaway recently added it as a new position within its portfolio. The purchase of those 8.97 million shares clearly legitimizes Ally Financial as a long-term fintech prospect worth noting. 

To my mind, the reason to consider Ally Financial relates to its strong position in auto loans. The company originated $13.3 billion worth of auto loans in the quarter, its highest quarterly amount since 2006. Although the company's performance wasn't particularly strong, investors should continue to gain interest given Berkshire's nod of approval.

Meta Platforms (META)

The overall notion is that Meta Platforms (NASDAQ:META) is not Facebook anymore and therefore a sell. In other words, the firm's rebrand to reflect its future leadership position in the metaverse is being treated as some sort of fatal error. 

Avoid that notion because while Meta certainly has obstacles to overcome, those obstacles come with 50% upside. 

Yes, Meta did see its first ever year-over-year revenue drop in the second quarter.

The human toll likely won't be pretty: It's clear that Mark Zuckerberg is leading a charge to drive more productivity out of his employee base. That means the remaining workers will see more demands placed on their shoulders while headcount decreases. That is an unfortunate product of shareholder value creation and capitalism. 

But is likely to result in a leaner, meaner Meta that performs very well in the near future, which puts it squarely in the realm of discount stocks to buy while you have the opportunity. That bet has massive upside built and is reflected in target prices. 

FedEx (FDX)

FedEx (NYSE:FDX) has enjoyed something of a renaissance over the past few years. The business of moving goods from A to B has taken on renewed importance. Strong supply chains really can't be overstated it seems. 

And that's a good part of the reason that FedEx is trading well above pre-pandemic prices.  

That said, things are not perfect. Although revenues increased 8% in its most recent quarter, rising costs have taken their toll. The firm's $1.87 billion in net income a year ago decreased to a much smaller $558 million this year. 

But most analysts believe that current woes are less important than future expectations when it comes to FDX stock. That's a particularly strong sign given that the company gave guidance that it expects $10.7 billion in fiscal year 2025 operating profit. Wall Street had previously projected a much smaller $9.3 billion so the news was a clear positive.

Google (GOOG)

Make no mistake about it, Google (NASDAQ:GOOG) stock will soon be underpinned by leaner, meaner operations. The sunny days of cushier tech are beset by shrinking headcounts and stricter operations. CEO Sundar Pichai hinted at it in the earrings report when he noted his firm's sharpening focus. 

More recently he reiterated the need for increased focus, calling on employees to increase their focus as hiring is likely to slow. 

Like Meta, Google saw net income decrease in the most recent quarter although its top-line results continued to increase. 

Investors should expect Google to redouble efforts in AI and computing as it searches for ways to increase its share price. Investors understand the importance of tech giants to overall market performance meaning GOOG stock will remain valuable. Its recent stock split is another positive to consider.

Qualcomm (QCOM)

Qualcomm (NASDAQ:QCOM) is in something of a transition period given that it supplies modems to Apple (NASDAQ:AAPL), which is moving chip development in-house. 

The good news is that Apple hasn't had as much success in doing so as quickly as it hoped. That means that Qualcomm will be able to depend on Apple revenues longer than many pundits had previously predicted. The risk is still very much present as Qualcomm noted in its earning report when it stated that, "Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating."

For now, investors should take comfort in the fact that Qualcomm's revenues and net income are up dramatically and that it can continue to diversify and adjust. If those fears were overblown, QCOM stock is deeply discounted presently.

Freeport-McMoRan (FCX)

Freeport-McMoRan (NYSE:FCX) increased its production across each of the copper, gold, and molybdenum it mines in the most recent quarter. That said, revenues still decreased 5.8% in the quarter. 

That's part of the reason FCX stock remains so cheap. But taken from another perspective, there's reason to be more positive. After all, revenues are still up 13.4% through the first half of 2022. 

The company has to contend with rising operating costs and fluctuating commodity prices that are largely out of its control. Investors who believe that the commodities it mines will remain valuable should consider buying now while it remains more than 30% undervalued. 

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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