State Street (STT, Financial) rebounded more than 30% during the fourth quarter, significantly outperforming the already strong financial services sector. Earlier in the year, the shares had declined in what we thought was an over-reaction to near-term earnings pressures. The stock remains inexpensive, selling at about 12x 2020 earnings.
From the AMG Yacktman Fund (Trades, Portfolio)'s fourth-quarter 2019 shareholder letter.
