While PRA Group’s (PRAA) first quarter results probably shouldn’t have propelled the shares higher by a third, the shares likewise shouldn’t have declined so much going into earnings – such is the chilling effect of uncertainty on investor behavior. In any case, I was surprised to see how well PRA’s business performed in the first quarter and how confident management sounded regarding the business for the remainder of 2020. Uncertainty is still the word of the moment, but the company’s operating efficiency, both in terms of collections and costs, is holding up