Buy broadcasting, a sort of consumer staple, across the board: radio (Chancellor Media, 53, AMFM), cable (Cablevision, 70, CVC) and the prime entertainment conglomerate, Time Warner (73, TWX).

FORBES: Watch your sectors

Chancellor Media Corp. (46, AMFM), a leveraged radio property, sells at 20 times projected free cash flow (cash flow minus necessary capital spending), while Clear Channel Communications, lightly leveraged, sells north of 30 times free cash flow.

FORBES: Time to buy some also-rans

Though the stock is off 18% from its 52-week high, shares have more than tripled since the beginning of 1996, when Clear Channel's cofounder L. Lowry Mays took advantage of the Telecommunications Act to gobble up a succession of competitors that included AMFM, Jacor, SFX Entertainment and 26% of Hispanic Broadcasting.

FORBES: Free the Airwaves