BBAVF - Signature Update: Solid Now Solid Later
Signature Aviation (BBAVF) initially caught our eye on infrastructure screeners when we discovered that Bill Gates was substantially invested, both through his foundation and the Cascade Investment family office. Their recession resistance really stood out, with only a 7% decline in sales when the recession post-financial crisis was at its height. We thought that the stock was a buy given the unjustifiable initial sell-offs triggered by the first Covid-19 announcements in late January, and we detailed our rationale in an article. After a brief respite, the sell-offs racked the markets again causing record drops last