I’m starting to think this is exactly the kind of environment patient value investors wait for. Plenty of chop, sharp pullbacks and growing skepticism toward businesses everyone wanted to own at higher prices.

What interests me most is the opportunity businesses have had during this phase to catch up to their stock prices. Earnings have kept growing while many stocks have moved sideways or have fallen. Making the valuations look very different from when the excitement first took off.

I’m looking at multiple sectors through that lens. Some of the forward earnings multiples have become surprisingly low relative to the growth expectations behind them. Of course, those expectations are the key question.

Still, this feels like a good time to revisit companies that previously looked too expensive and ask whether the fundamentals now justify the price. Especially with the hype and excitement gone for many of those stocks.