The market’s meteoric rise off the March lows has made life for the value investor increasingly more difficult as we are faced with unpersuasive valuations coupled with a very uncertain economic environment. Gone are the days of picking up quality businesses trading at 20% free cash flow yields.

However for those willing to take a contrarian stance and do the work, opportunities still abound in the market. One such opportunity that I am particularly excited about is First Industrial (FR).