Seeking Alpha
Editor's notes: While a Q1 sell-off highlighted AXLL's commodity exposure, it's still one of the most undervalued ways to play the housing recovery. 30% upside as performance smooths out.

Even with my dedication to the philosophy of "enlightened torpor" with respect to changing up my portfolio, there are times where it's worthwhile to consider secular trades or themes. While many stocks have already enjoyed a pretty good run on the back of improving expectations for the U.S. housing market, there are still a few ideas left that hold potential.

One of those ideas to consider is Axiall (AXLL) - the new chlor-alkali giant that has emerged from the combination of Georgia Gulf and PPG's (PPG) commodity chemical business. Investors and analysts wigged out in response to higher-than-expected ethylene prices in the first quarter, but the company's outsized exposure to U.S. housing, potential PVC...

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