A "fat pitch" is a batter's dream: A hanging curve ball right down the middle of the plate is almost impossible not to hit. In investing, the market sometimes throws patient investors a fat pitch, offering high-quality businesses at significant discounts to what they're worth.
But in baseball, batters can still make contact with all sorts of pitches over and around the plate. Sometimes, that contact will lead to a ground out. But other times, the contact ends up a bloop single, or even a home run.
Susan Dziubinski does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.