One of his big holdings is Danaher (DHR), a Washington D.C.-based maker of medical and industrial diagnostics. Danaher's cash rate of return is 15%, down from its historical 20%, and its asset growth is 12%, down from an historical 20%. "If both go back to historical levels in the next five years, the stock [now at 70] will be greater than 100," McCallister says.

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Good industrial, dental supply, etc. with a dividend.

He mentioned Eaton(ETN), SPX(SPW) and Danaher(DHR) but said he doesn't think they're "there" yet. "Perhaps industrials represent some value," he said.

Let's put PPG (PPG) and Danaher (DHR) in that category too. Maybe Honeywell (HON), although it has more aerospace as a percentage of business than UTX does.

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solid earnings history

I wish I had never sold CAT, as it figured out simply to not talk about the U.S. Honeywell was the same way. Danaher (DHR), too.

Danaher (DHR) was upgraded from Hold to Buy, Deutsche Bank said. Stock has lost its usual market premium, and margins can still expand despite lower organic growth. $90 price target.

doing all the right things