Reasons for the Decline of Medifast (MED) in Q4

Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.07% net of fees versus a 7.04% return for the benchmark, ICE BofA US High Yield Index, and underperforming the S&P 500’s 11.69% gain. Year-to-date the fund was up 12.59% net of fees compared to 13.44% for the benchmark and 26.29% return for the S&P 500 Index. In addition,...