[VIP] Realogy, Q4 and Full Year 2020: Pivot Cometh?

A year ago, I wrote these words while analyzing Realogy's 2019 results:

But I can't ignore the fact that 2019 was not a good year, nor can I pretend that Q4 was particularly strong because of the optimism coming from Schneider. There are real problems at Realogy, and real reasons for concern. At the top of my list remains the productivity-profitability c…