Top detractor, Qurate Retail (QRTEA, Financial) (-57%), has been a consistent laggard throughout 2019. Investors fret that QVC and HSN are no longer relevant and their digital offerings are too little, too late. Although we agree that Qurate operates in a difficult environment and that a digital pivot is required, we believe the market underestimates the company’s progress and undervalues the company’s still strong cash flows (which add additional strategic optionality) .
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund fourth-quarter 2019 commentary.
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