First Industrial: Contrarian Long Idea Ready to Join the Rally

The market’s meteoric rise off the March lows has made life for the value investor increasingly more difficult as we are faced with unpersuasive valuations coupled with a very uncertain economic environment. Gone are the days of picking up quality businesses trading at 20% free cash flow yields.

However for those willing to take a contrarian stance and do the work, opportunities still abound in the market. One such opportunity that I am particularly excited about is First Industrial (FR).