(We previously wrote about Hargreaves Lansdown as "Blue Sky Capital")
Introduction
Hargreaves Lansdown (OTCPK:HRGLF) (referred to as "HL" here) shares have been volatile since our initial Buy rating in June 2019, with the share price up 13.0% at one point but now down 14.6% (resulting in a 13.2% loss after dividends):
In particular, HL shares have fallen 22.6% since the peak after U.K. elections in December, following weakening U.K. investor sentiment, the company's FY20H1 results and a £500m partial stake sale by one of the co-founders.
We believe that these factors