After a bull market that's now the longest on record, you might think that nothing is cheap anymore. How one precisely defines "cheap" can vary from person to person. But for many, cheap stocks are simply those with solid fundamentals that have either been overlooked by the market or excessively knocked down by bad news.

The one game you don't want to play is buying stocks just because they have fallen in price. While some may truly be great bargains, others fall for good reason. That reason can be anything from failing business models and weak management to overwhelming legal issues, changing tastes and obsolete technology.

To separate the wheat from the chaff, we've asked a group of investment managers and market experts which stocks are in the "good bargain" category, which means they're down in price but still fundamentally sound and growing.

Here are seven of their favorite cheap stocks to buy. Most of the names are familiar, which will provide an additional level of comfort. However, they all share a common thread of being down but far from out.

Valero Energy

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It might seem counterintuitive to lead off with