Hyundai Home Shopping Network (XKRX:057050, Financial) was weaker during the quarter due to concerns that its future commission rates would be negatively impacted by government regulation. The stock is incredibly inexpensive at current prices, possessing significant net cash and attractive public investment holdings which alone account for most of the current market price.
From the AMG Yacktman Focused Fund (Trades, Portfolio)'s fourth-quarter 2019 shareholder letter.
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