2 cheap shares I’d buy today “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. See all posts by Cliff D’Arcy Simply click below to discover how you can take advantage of this. With the FTSE 100 having dropped roughly 200 points (3.4%) since last Friday, it’s not been a great week for UK shareholders. Likewise, the index has slipped around 265 points (4.5%) over the past month. It’s been a lousy year for the Footsie, having collapsed by 2,000 points (26.4%). But enough of the past. I think the way to benefit from these continued declines in the future is to keep buying cheap shares in solid businesses.These two cheap shares are smokingI’m here to discuss two tobacco stocks. As a smoker for around a third of a century, I know how unpleasant, unhealthy and expensive this addictive habit can be. As an investor, I also know that tobacco shares are absolutely out of the question for ethical investors. Yet tobacco stocks are popular with income-fund managers and value investors looking to buy cheap shares for their reliable returns.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Cheap stock #1: British American TobaccoMy first low-priced stock is the Goliath of the two: British American Tobacco (LSE: BATS). At its current share price of £24.70, BATS has a market value of £57.7bn, so it’s one of the largest members of the FTSE 100 by size.What’s more, thanks to its reliable earnings and global scale, BATS has risen up the ranks to become the #2 dividend payer in the entire FTSE 100. Yet the BATS share price has taken a beating in 2020, pushing it deeper into the ‘cheap shares’ dustbin. At their 52-week high on 15 January, BATS shares closed at £35.07, so they are over £10 cheaper today. Yet cigarette sales have held up well during the pandemic.The obvious attractions of BATS are its lowly rated earnings and steadily rising quarterly dividends. At today’s price, BATS shares trade on price-to-earnings ratio of 9.2, for an earnings yield of 10.9%. Based on four quarterly cash dividends of 52.6p per share, BATS shares offer a mighty 8.5% dividend yield. As a value investor, BATS ticks my boxes, which is why I would buy and hold its cheap shares (preferably inside an ISA) today.Cheap stock #2: Imperial BrandsCompared to BATS, Imperial Brands (LSE: IMB) is a relative tiddler, weighing in at a market cap of £12bn. Yet as an investment, Imperial shares offer similarly attractive fundamentals as those of its larger counterpart. The maker of Davidoff, Gauloises and JPS cigarettes produces reliable recurring earnings and strong cash flows that translate into bumper dividends.However, as with BATS, Imperial’s stock has also been dumped in the bargain bin of cheap shares. On Thursday, Imperial shares closed at 1227.5p, down 30.2% in 12 months. Furthermore, Imperial shares today are almost 850p (40.8%) below their 2020 high of 2,072p, hit on 17 January.One reason for Imperial shares’ decline is the company’s decision earlier this year to cut its interim dividends by a third (to 20.85p a share, from 31.28p). Yet based on a one-third cut to the previous yearly dividend of 206.57p, these cheap shares offer a forward dividend yield of 11.2% a year. That’s more than enough income to compensate for short-term volatility and/or declines, which is why I would also buy and hold this tobacco stock today! Cliff D’Arcy | Friday, 30th October, 2020 | More on: BATS IMB Cliffdarcy has no position in any of the shares mentioned. The Motley Fool UK has recommended Imperial Brands. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! 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