first_img To make more money than a tracker or ETF, I would invest in these cheap FTSE 100 shares. Both operate in broadly the same industry but are pursuing different strategies. Both share prices have been hit hard by Covid-19. What this means though is that there’s plenty of potential to bounce back strongly.Cheap share combines income and growthFirst up is Legal & General (LSE: LGEN). The insurer and asset manager offers a potentially very profitable combination of a high dividend yield and a low P/E. The former is over 7.5% while the latter on a trailing basis is around seven.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…Given the high yield and low P/E, you might think the business faces significant challenges, but in my opinion it doesn’t particularly. Not compared with tobacco or oil companies where you might also find high yield and the opportunity for a share price bounce back.Legal & General will benefit from an ageing population, changes to pensions and from being very involved in asset management. All of these, I believe, will support its future growth. The company has been growing in the annuities market in recent years, which is a particular highlight.It seems to be paying off. The group has been raising its dividend and despite Covid-19, it recently announced H1 operating profit, excluding investment losses, fell only 6% to £946m.To me this all combines to make me think the share price can rise significantly. I think this cheap FTSE 100 shares combine growth and income potential. Cheap FTSE 100 share with turnaround potentialFellow FTSE 100 insurer and asset manager Aviva (LSE: AV) is a little further behind in its strategic development. Its shares are also dirt-cheap though. It’s P/E is below five, which is unbelievably cheap, I feel.This partly reflects concerns over the economy, investment returns in a turbulent economy and about the direction Aviva will follow in the future. I think this uncertainty makes the shares too cheap to ignore for a long-term investor.The group has a strong brand and balance sheet and new leadership. Combined, these factors could see the share price recover strongly. As could a consolidation of the group that could see it sell off international divisions to concentrate more and more on the UK and Ireland, as well as Canada.Recent results showed Aviva hasn’t been hit too hard by the virus. Operating profit fell to £1.25bn from £1.38bn. Aviva took a £165m hit from Covid-19 on general insurance claims. The group also reintroduced its dividend, reflecting some confidence about the future.There are reasons some investors who are focused on momentum or quick wins might avoid shares in Legal & General and Aviva. But for long-term investors, now might be a good time to pick up the shares. They are cheap and offer the potential to bounce back  as and when the economy recovers. I strongly believe both are dirt-cheap stocks that could outperform the market. 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Andy Ross | Monday, 17th August, 2020 | More on: AV LGEN I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. See all posts by Andy Rosscenter_img “This Stock Could Be Like Buying Amazon in 1997” Simply click below to discover how you can take advantage of this. 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. 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