December 31, 2020 Quarterly Letter
Poplar Forest Research2021-05-24T23:04:12+00:00The most important job for our investment team is to identify situations where embedded expectations are unreasonably low while avoiding stocks that are cheap for good reason (aka value traps). Cheap stocks can stay cheap unless fundamentals turn out to be better than expected. In contrast, the “great” company that merely ends up being “good” often generates disappointing results for its shareholders - just like so many New Year’s Eves.