A year ago we bought Discover Financial Services (DFS) when it was trading at a deep discount to our estimate of fair value. Discover was trading at a deep discount because of the pandemic market panic and fears of the next Great Depression. A year later the fears are gone and the U.S. economy is starting to boom. So why did we trim a portion of our position in Discover Financial? Glenn Busch breaks down our decision in the video below.
Why We Trimmed Discover Financial Services [Video]
