The strongest performance for the calendar year came from Qurate Retail (QRTEA, Financial). Starting from a very low valuation, shares rallied as the business's turnaround gained traction, in turn giving management the confidence to return a substantial amount of capital to shareholders, including distributing $3 per share in special dividends (more than one-third of the start-of-year stock price).
From Wallace Weitz (Trades, Portfolio)'s Partners III Opportunity Fund fourth-quarter 2020 shareholder letter.
