Market corrections are not fun when you're in the middle of them but they're not all bad and they're not unusual and—in the long run—they keep the market healthy, explains Tyler Laundon, editor of Top Stock Insights.

My investing strategy relies on buying the best growth companies in the market at reasonable prices. At a high level, it's very easy. I don't believe I'll ever pick tops and bottoms perfectly. But I do believe that buying great stocks in a falling market is ultimately going to reward investors.

Today I'm adding a stock to our model portfolio that I'm extremely comfortable buying in this market—CalAmp (CAMP)—a leader in machine-to-machine communications (M2M).

It builds the hardware (wireless routers, gateways, tracking devices, monitors, etc.) and software (GPS mapping, app store, asset utilization, etc.) that allow electronic devices to communicate with each other—and with an enterprise software system—all around the globe.

Its products have become extremely popular for tracking the location and usage of high-value mobile assets such as shipping containers, rental car fleets, government vehicle fleets, and heavy equipment, as well as fixed assets such as power generators, electricity grids, and oil rigs.

The idea behind CAMP's products is relatively simple and straightforward—once an organization is able to track the movement and usage patterns of remote assets—it is better able to protect them from harm and make sure they are performing up to potential.

And since CAMP's equipment can work over cellular networks or satellite networks, CAMP can also offer a communication link that might not otherwise be possible in remote areas.

The relative cost of installing CAMP's equipment is small, whereas the value it provides is large. Overall, M2M communications is a rapidly growing market and CAMP is one of the best in the business.

CAMP reported earnings in early October and the stock has been strong since. The signs here point toward a company that is back on track to grow significantly into 2015.

Management came out with guidance more or less in-line with what the Street was expecting in 2014; full year revenues should be in the range of $250-$255 million and non-GAAP EPS in the range of $0.88 to $0.94.

While it didn't give guidance for 2015, it definitely set expectations for accelerating growth, which I estimate will be near 20% for revenues and 25% for earnings.

We're looking at a company here with zero debt and over $36 million sitting in the bank. And shares appear cheap, trading at around 14-times next year's estimated earnings. With a market cap of just $635 million, CAMP has a ton of upside potential.

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