It feels like just yesterday that I was writing about the overly beaten down stock that is FreightCar America (RAIL)...because that's not far removed from the truth. Just last month, it traded at a massive discount to book value. But that discount is now almost completely erased.

I foresaw no catalysts that would push this stock up in the short-term, and yet here we sit a month later with the stock up almost 50% following the Trump election bump. Predictions are hard, which is why I try to avoid making a thesis reliant on them!

As a result of the price increase, I sold out of my shares. This is not a buy-and-hold company from my perspective, but rather a highly cyclical one. Unless Trump can re-write the laws of supply and demand, I think the company faces some tough times in the near-term, and should the stock price go back to reflecting such high degrees of pessimism again in the future, I'd be interested in getting back in.

For now, though, I'm on the sidelines trying to find things that are cheap, and having a hard time doing so. Any suggestions?