CNH Industrial (CNHI, Financial) is a company we know well, in which we already invested almost 10 years ago, and whose stock has plummeted by nearly 50% since the beginning of the Covid-19 pandemic outbreak. Its main business is the manufacture of agricultural machinery, a global oligopoly with significant entry barriers and where CNH ranks second after the world leader, John Deere.
From azValor Asset Management's second-quarter 2020 letter.
