Weatherford's (WFTLF, Financial) business was materially impacted by declines in energy prices and a lack of demand for its services as companies in the industry cut back production. We received shares in Weatherford when the company exited bankruptcy in late 2019 and, while we believed the investment represented good value in a normal operating environment, we were not prepared for the company to deal with an economic crisis of this magnitude.
From the Yacktman Fund (Trades, Portfolio)'s second-quarter 2020 shareholder letter.
