Being in a bear market may seem like bad news from A to Z. But bear markets also bring one bit of good news. And that's the fact that so many stocks are trading at reasonable -- or even bargain -- valuations. This means there are long-term investment opportunities out there that you don't want to miss.

I'm thinking of two Dow Jones Industrial Average stocks that have slipped even more than the index itself: Disney (DIS 0.23%) and Procter & Gamble (PG -0.94%). They've lost 36% and 20%, respectively, this year. That's compared to the Dow's 16% decline. Let's take a closer look at these stocks to buy now.

1. Disney

The early days of the pandemic truly put this entertainment giant to the test. The crisis shut Disney's theme parks, dropped the anchor on its cruise ships, and pushed the company from profitability to a loss. Disney managed these major challenges -- and today, there's reason to bet on a bright future.

In the fiscal 2022 third quarter, Disney reported double-digit growth in revenue and net income from continuing operations. The company also said it added 14.4 million subscribers to its Disney+ streaming service in the quarter. And that service is on track to become profitable in the 2024 fiscal year. This is key because all eyes have been on Disney+ as a potential growth driver since its launch in 2019.

There's more good news from Disney's parks, experiences, and products segment. Revenue there soared 70% during the quarter.

There are signs that this is just the beginning. In the quarter, domestic park attendance on many days surpassed pre-coronavirus levels. Forward hotel bookings are in line with pre-pandemic times. And visitor spending at the U.S. parks is on the rise, compared to the year-earlier quarter and fiscal 2019.

Now let's take a look at Disney's valuation. The stock is trading for only about 18 times forward earnings estimates. That's down from more than 40 earlier this year. This looks like a steal, considering Disney's progress so far through recovery and into a new era of growth.

2. Procter & Gamble

P&G owns a massive portfolio of brands we all recognize -- from Tide laundry detergent to Bounty paper towels. We might expect a company like this to beat the market at a time when inflation is weighing on customers' wallets. It does sell essentials, after all.

But it's also true that some consumers may switch to cheaper brands during these difficult times. In the latest earnings report, P&G reported declines in volume across 4 out of 5 product categories.

That said, P&G does have pricing power. The company was able to compensate for loss in volume through price increases. As a result, organic sales rose in all product categories. And the company's overall organic sales for the quarter climbed 7%.

Clearly, P&G can't rely on price increases forever. But here's the good news: It won't have to.

Today's economic situation is temporary. P&G has the brand strength to allow it to lift prices -- and manage during tough times. Once the environment improves, that brand strength also is likely to bring shoppers back to their favorite brands.

Right now, P&G is trading at 22 times forward earnings estimates. That's down from more than 27 earlier this year. And importantly, revenue has reached its highest level ever. This may be just the right moment to get in on this stock -- and hang on for the long haul.