Corelogic (NYSE:CLGX) provides unique residential real estate information to the financial services sector. The shares have been weak due to near-term cyclical concerns about declining refinancing activity. We do not believe this has a long-term impact on business value. Unique data businesses tend to have great returns and are difficult to replicate. Corelogic fits this mold. The management team has been good stewards of capital and has reduced the share count 30% since 2010. Management has been improving margins for years, and we believe there is more room for improvement over the next several years. Meanwhile, Corelogic is selling well below public and private market values of other high-quality data providers.
From David Herro (Trades, Portfolio)s' Oakmark Global Select Fund fourth quarter 2017 commentary.
