I'm always careful to calibrate my expectations to "one day far in the future this might work" versus expecting highs soon. I recently exited positions in US S

I'm always careful to calibrate my expectations to "one day far in the future this might work" versus expecting highs soon. I recently exited positions in US Steel and Encore Wire which were selling for single-digit PE ratios and with >$1 equity per $1 market cap at the time. My plan was to hold them forever, but the price just shot up so much and there are other things to buy. I like really boring businesses like banks, utilities, airlines that can trudge along for decades if they have to before I get my return. When you catch them in a bad news cycle, you can pick up a solid business for less than it's worth.