Pgiam/iStock via Getty Images Investment Update Following my second buy rating on Sylvamo (NYSE:SLVM), the stock is +6% and provided ~400bps of alpha vs. the S&P 500 on a time-weighted basis. The overarching thesis on SLVM supporting its buy rating includes the following: Reasonable valuations where the risk/reward opportunity is asymmetrically skewed to the upside. At ~10x earnings / 1.9x EV/IC, market multiples 1) have a high propensity for expansion but 2) have less scope for contraction beyond current ...