What sector do people think actually has good value right now?

Most of the market feels and is expensive right now, but I believe in any market there are always pockets and companies where sentiment is bad enough that value might exist. I am curious where people here are seeing the best risk/reward today. Some areas that seem to come up often: **Regional banks** They are still dealing with concerns around commercial real estate, deposit costs, credit risk, and the hangover from the 2023 banking crisis. But some argue the pessimism is already priced in, especially for banks with strong deposits, manageable CRE exposure, and good returns on tangible equity. **REITs** Higher rates have punished the sector, and some parts of real estate clearly have structural problems like shopping malls. But certain REITs with strong balance sheets, long lease terms, and high quality assets may be trading at attractive implied cap rates compared to private market values. **Energy** A lot of energy names still look cheap on cash flow, especially if oil prices stay reasonably strong. The risk is that commodity prices drive the thesis more than business quality, so "cheap" can disappear quickly if the cycle turns specially with the strait being opened now. **Small caps** Small caps have lagged large caps for years, and many trade at lower multiples than the mega cap heavy indexes. But the quality varies a lot, and some are cheap for good reasons such as weak balance sheets, low margins, or limited pricing power. **China / emerging markets** The valuations look optically cheap in many cases, but investors seem divided on whether the discount is an opportunity or justified by governance, geopolitical, and capital allocation risks. **Legacy media / telecom** Some of these companies look statistically cheap and throw off cash, but the question is whether they are undervalued or just melting ice cubes with too much debt and poor growth prospects. The interesting part is that most of these sectors have obvious problems. But that is usually where value investors start looking. So I’m curious where do people here think the best actual value is right now? And more importantly, what is the market getting wrong about that sector?