Stock Coverage Selling Off... Opportunity?
Some of the largest drawdowns in history.
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Many of the stocks in our coverage have had some of their largest drawdowns in history.
Constellation Software for instance is now down almost 50% from its price just last May!
That is significantly more than their largest prior draw down of 29%.
Many other names we cover also are well off their highs:
CoStar Group: -33%
Copart: -35%
Coupang: -36%
Dream Finders Homes: -38%
Floor & Decor: -43% (after rallying 25% in the past month)
Shift4: -47%
RH: -68% (from their 2021 highs)
Now we are not a stock picking service and do not give recommendations, but we know from history that the best time to own a stock is usually when it is down a lot and the original investment thesis is intact.
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Interesting timing for this piece given how beaten down some quality names are right now. The 35% drawdown on Copart in particuler caught my eye since their competitive position hasnt really changed. I've noticed alot of value-oriented investors are starting to nibble at these levels but the sentiment is still pretty negative. Always harder to pull the trigger when price action looks this rough even when you believe in the underlying thesis.
Great post. Love the framing that not every sell-off is an opportunity , some are just the market repricing reality. The key is separating expectations compression from thesis break. Curious what your main filter is for telling the two apart?