SKT - Tanger Factory Outlet Centers: Keep Chasing

• Tanger's stock price more than doubled since the last article.
• This stock price has ways to run because the recovery has just begun.
• Oftentimes, cyclical recoveries begin looking like an exercise in insanity with crazy ratios and sky-high valuations.
• Cyclical investing demands an analysis of average earnings power over the entire business cycle.
• 2020 will likely prove to be a statistical outlier that should be partially or entirely excluded from trend analysis.

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