A third theme is right there with the insurance companies: the banks. I think people don't understand that this group is so far behind the market that we tend to think that it is never coming back -- at least if you think about the book values. But something happened in this market in the fourth quarter: The book value started to come to relevance as a measure of worth. If that's the case, you're going to see some remarkable moves in everything from Regions ( RF), First Horizon ( FHN) and Zions ( ZION) to Morgan Stanley ( MS) and Goldman Sachs ( GS), to Bank of America and Citigroup ( C). These are the companies for which the book value had been suspect -- and it may no longer be suspect amid recovery in the kind of paper that is also owned by the insurers. I know that you could argue I am leaving out the best three -- Wells Fargo ( WFC), U.S. Bancorp ( USB) and JPMorgan Chase ( JPM) -- all of which I like. But the theme here is not "best of breed," which is more of an evergreen concept. The theme is the cyclical recovery of the portfolios of the ne'er-do-well banks. I wouldn't overlook Capital One ( COF), either, because its credit-card business is hot. Also recall its purchase, for very little money, of the ING Direct business from ING Group ( ING) -- a business that is humming.