Wall Street is pumping with enthusiasm as it looks like a bull market may be back. Even if it's not technically a bull market yet, the S 500 is up 14% this year -- and many stocks are up much more.

Once we get back into a true bull market, it will be much harder to find cheap growth stocks. Increasing prices can get out of hand, and the real value of a stock can get fuzzy. That can lead to a bust, and it's why you should always insist on a reasonable valuation before you buy a stock.

The flip side is that cheap stocks are usually cheap for a reason -- and often come with sizable risk. But if they are truly undervalued, they can lead to incredible gains. Paramount Global (NASDAQ: PARA) and (NYSE: W) are two such stocks trading at dirt-cheap valuations and worth considering now.

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Source Fool.com