The worldwide industrial sector's slowdown continued in the fourth quarter, with challenging conditions in key geographies such as Europe and Asia mitigating surprising strength in the United States.
With the benefit of hindsight, the third quarter's summer swoon seems to have presented wonderful buying opportunities for high-quality industrial companies. After a sharp rebound, many valuations now look full, in our opinion.
Even with a more fairly valued sector, we still believe some industries within the sector offer pockets of opportunity, including automotive, transportation, and truck manufacturing.
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