Community banks. There are a ton of them, a lot of them are thinly traded, and randomly some of them to on sale for bargains. Large and complete datasets on the industry combined with competition from retail investors. Sign me up any day
REITS - price negatively correlated with interest rate moves, monthly income stream, tax advantaged since it’s now a Section 199A invesetment
Consumer staples / luxury - I jumbled this into one as a result of rising inequality in the US. Here you have folks buying the daily necessities and another segment of the population buying designer and luxury goods
Airlines & lodging - travel has and will continue to be the “in” thing for the millenial demographic. Smaller, more fuel efficient planes are now being used to cover longer routes
on reits. i know that guy in the big short (michael burry of scion capital) owns a lot of reits that are deep value. some have really low p/b but are losing a lot of money. he also owns a ton of tech. i am guessing he is betting that inflation will ramp. which is beneficial for these reits and cos with secular growth.
consumer staples. imo is pretty overvalued. they just arent growing anymore and yet they trade at ridiculous multiples similar to tech. at this point id look at them as bonds. the only way theyd look attractive again is if they fall in value or actually grow which imo is very unlikely. hwo the cos are spendign money is through sahre buybacks which is a pretty shitty way to spend money when you arent really growing!
airlines and lodging id avoid. if markets tank, these cos take a huge hit in terms of profitability. couple that with their high leverage and its a recipe for disaster. airlines are prolly more cyclical and have historically gone bust and had to merge in order to survive!