Packaging Corporation of America (PKG) makes cardboard and paper products for a variety of applications, serving a diverse range of sectors and industries. It is the simplicity of their business model that initially attracted me to them, and further due diligence revealed more to like. With this recent market downturn, I wanted to take another look at PKG to see what, if anything, about my investment thesis ought to change. In particular, after briefly reviewing the company's strengths, I want to conduct an in-depth analysis on their intrinsic value, including what we can