Yes, your point is mostly right.
I have recently entered 2 IT stocks during last six months of 2022, because now those 2 IT stocks are looking marginally undervalued or fairly valued, i.e. HCL TECH and TCS.
So I generally being a risk averse person, tend to buy mostly undervalued stocks from 3-4 years perspective and would sell those once I believe that, next 4-5 years price is already priced into its CMP. Since this is my strategy, I generally tend to sell stocks little early but that is as per my strategy.
I have not entered any PSU Banking or Infrastructure stocks as they do not fall in my Buy zone either based on valuations or the risk.
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