As the market sells off a bit -- it's down just about 3% in March -- some values are starting to reveal themselves. This may not be a "back the truck up" moment for the market, but I think there are at least five stocks that are fantastic buys right now.

So let's look at these stocks and dive into why these stocks could make a great addition to your portfolio.

1. Alphabet

It's no secret that Alphabet (GOOGL -1.21%) (GOOGL -1.21%) hasn't had the strongest year. In the fourth quarter, revenues only rose by 1%, thanks to weakness in advertising markets, from which Alphabet derives 78% of its revenue. However, as the economy rebounds, this revenue should pick back up, as Alphabet has historically had above-average growth following an economic downturn.

US Recession Probability Chart.

U.S. Recession Probability data by YCharts.

Even when advertising was struggling, Google other (which includes the Google Play store and YouTube TV subscriptions) rose 8%, and its cloud computing division, Google Cloud, was up 32%. This shows Alphabet has other segments that can hold down the fort while advertising struggles.

As the economy recovers in the coming years, look for Alphabet to show outstanding growth, thanks to an advertising rebound. With the stock trading for about 20 times earnings, it seems like a bargain because earnings will substantially improve when advertising revenue comes back in force.

2. CrowdStrike

One sector not affected by an economic downturn is cybersecurity. CrowdStrike (CRWD -0.24%) is a leader in this space and has done quite well considering the difficult selling environment.

In Q4 of fiscal year 2023 (ended Jan. 31), CrowdStrike's annual recurring revenue rose 48% to $2.56 billion. Furthermore, it turned 33% of its revenue into free cash flow (FCF), showing its strong cash generation.

Management is also predicting a strong FY 2024, with revenue expected to rise 33% this year. Although this company isn't technically profitable from an earnings perspective, CrowdStrike's rapid growth in an essential industry with positive cash flows makes it a strong investment candidate.

3. MercadoLibre

No other company has quite the reach that MercadoLibre (MELI 0.91%) has in Latin America. The giant has two main segments: commerce and fintech. On the commerce side, it looks a lot like Amazon, as it runs an online marketplace and has package delivery. On the fintech side, PayPal is a decent comparison, as it has a digital payments ecosystem but also a credit division too.

While many e-commerce-focused businesses struggled through 2022, MercadoLibre showed no such signs -- its commerce division grew revenue by 36% in Q4 to $1.66 billion. But fintech stole the show again with its outstanding 93% growth to $1.34 billion. Bear in mind that these growth rates reflect currency-neutral (FX) comparisons, which is necessary when a company operates across multiple countries with currencies that fluctuate significantly more than the U.S. dollar.

Despite this success, MercadoLibre trades like its revenues will shrink or not grow.

MELI PS Ratio Chart.

MELI P/S Ratio data by YCharts.

As MercadoLibre becomes more profitable while still growing its revenues, look for this stock to be a market leader in the next few years.

4. Taiwan Semiconductor

Because I prefer to take a long-term holding period (three to five years), an impending chip slowdown doesn't discourage me from taking a position in Taiwan Semiconductor (TSM 1.38%). As one of the largest chip producers in the world, it contracts its production out to giants like Apple and Advanced Micro Devices. It also has some of the world's leading technology, with 5 nm and 3 nm (nanometer) chips.

In 2022, 5 nm chips made up 26% of Taiwan Semiconductor's revenue, and 3 nm hasn't even made an impact. This bodes well for Taiwan Semiconductor's future, as these more powerful chips will be in high demand as production ramps up.

The stock trades for a mere 15.6 times forward earnings, well below its historical trailing earnings average. This means the downturn has been priced in, leaving investors a great entry opportunity for a company that is integral in nearly every advanced electronic device you purchase.

5. Airbnb

Last is Airbnb (ABNB -1.48%), the alternative stay leader. While many investors thought this company would struggle as an economic downturn neared, the results don't reflect this prediction. In Q4, Airbnb's revenue rose 24%, generating $319 million in net income. Management also indicated that demand remained solid into the first quarter, thanks to a substantial backlog.

If Airbnb can put up another year like 2022 with steady profitability, the stock has a lot of room to run, thanks to its 23 times FCF valuation. While the company has challenges, specifically with hosts hiding fees and some cities wanting to ban the platform, the overall trend is still in Airbnb's favor.

With Wall Street analysts projecting 14.1% and 15.2% revenue growth in 2023 and 2024, respectively, it's clear that Airbnb's full potential hasn't been reached. I think Airbnb has strong performance potential for 2023 and beyond and wouldn't hesitate to take a position in the stock right now, even with its quick run-up in 2023.