Seeking Alpha

When a stock loses over a third of its market value in less than month, it's hard for deep value investors not to salivate. And when that same company is trading at 7x forward earnings and holds enough cash to cover nearly half of its market cap, that's when these investors really start licking their chops.

That's the case with TravelCenters of America (TA), which appears very cheap after a mid-August selloff. However, being the cynics we are, we are beginning to wonder whether the stock was cheap for a reason.

In truth, the stock has been perpetually cheap. If we go back even farther, we can see that the Great Recession took a toll on the...

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