Yara International (OSL:YAR, Financial) announced satisfactory earnings, but investors expressed concerns about 2020 risks including fertilizer demand and energy costs, sending the stock lower. On a positive note, urea (nitrogen fertilizer) prices appeared to bottom out (due to curtailment of Chinese supply), leading to price increase projections for 2020.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund fourth-quarter 2019 shareholder letter.