Dec. 11 at 1:42 PM
$PDI I thought this was supposed to react well during loose monetary cycles such as the one we've been in for over a year? Shares are down about 15% since the Fed began cutting rates 15 months ago. In past cycles where the Fed cut rates, didn't PDI appreciate in value? During the Covid-19 cutting cycle of 2020 went from near
$18 to almost
$30. I would thought the share price would end the year at
$20+ if you told me back in the Summer that the Fed would cut twice more by a total of 50 basis points and the 10-year yield would remain in the 4.00-4.25% range. Instead, it's looking like shares will end the year at ~
$18.00 per share.
