PLPC - in the high $140’s, I think we’re near fair value, so I’ve trimmed my position further, though still holding a quarter of my original position started on the $80’s. Backlog comment was not surprising, given the huge quarter.
I think the easy money has been made and returns moving forward will be significantly more muted and in line with the market. This was one of a few overweight positions, so I’m happy to trim down to size.
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