Perrigo (PRGO, Financial), a manufacturer of over-the-counter pharmaceuticals that is registered in Ireland, detracted in the quarter despite solid third- quarter earnings as the company continued to dispute tax penalties that were imposed in 2018 and 2019. We believe the intrinsic value of the business is being impaired by this overhang and expect resolution of these issues to begin in 2020.
From First Eagle Investment (Trades, Portfolio)'s Fund of America fourth-quarter 2019 commentary.