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Italian tire manufacturer Pirelli (PPAMF) (PRLLY) (PLLIF) has been transitioning away from tires for the masses to tires for the high end. The stock is down from its IPO two years ago. The stock is reasonably priced but keeps heading downwards. Probably, the biggest risk is that it sells to high end European autos which are dependent upon a strong economy. The stock trades in a sweet spot: too small for megacap funds but big enough for the American investor to buy.
Pirelli had been publicly traded in Italy since the 1920s. 65% of the