Fishhawk Investing
Long/short equity

Metalico: Undervalued Dead Or Alive

The steady advance of the S&P through 2012 and 2013 has erased many of the opportunities that abounded in 2011. The broad economic recovery in the United States, ever aided by monetary policy, has led to strong earnings per share numbers in industries that were once looked on with uncertainty. Many of the sectors that were so exuberant in the pre-2008 market, and were consequently beaten back the hardest, have largely recovered in terms of stock price and projections for future growth. Over the past two years, financial, housing, and automotive stocks have advanced amid amelioration of many macroeconomic woes. Metals, and metal producers, however, have largely continued to suffer. Huge supply overhangs, the slowing of global building, and only-recently...

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