We eliminated our position in Qurate Retail (QRTEA, Financial) during the quarter. The company is still selling at a discount to our estimate of its intrinsic value; however, that discount has narrowed as its stock price benefitted from the increase in online shopping during the quarantine. As such, we don't believe the stock is attractive enough to merit holding in a concentrated portfolio.
From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund third-quarter 2020 shareholder commentary.
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