Great article SB and congrats on getting close to 100 episodes!
Not only are coal companies hated, but as you point out they are also ignored, due to their small market caps and investors perception that coal doesn’t have a future. The 2 main coal analysts in the US are from B Riley Securities and The Benchmark. These are not exactly bulge bracket firms. Most quality information on coal companies is actually found on Twitter (Matt Warder, Chris Dyer, Bruce Morelan, the Koala) and on Substack, such as your newsletter.
I think CEIX and AMR share another trait besides their focus on buybacks — operationally they execute well. Mining isn’t easy and they face issues, but it seems to me that for some reason they run into fewer issues — such as lack of trains, explosions, or roof falls — than their competitors.
I love what you guys do! Keep up the great work. Wondered if you saw Monish's recent 13F disclosing a new position in ARCH (only his 3rd position with CEIX and AMR as the other two).
Thank you kindly for this great post!
Great article SB and congrats on getting close to 100 episodes!
Not only are coal companies hated, but as you point out they are also ignored, due to their small market caps and investors perception that coal doesn’t have a future. The 2 main coal analysts in the US are from B Riley Securities and The Benchmark. These are not exactly bulge bracket firms. Most quality information on coal companies is actually found on Twitter (Matt Warder, Chris Dyer, Bruce Morelan, the Koala) and on Substack, such as your newsletter.
I think CEIX and AMR share another trait besides their focus on buybacks — operationally they execute well. Mining isn’t easy and they face issues, but it seems to me that for some reason they run into fewer issues — such as lack of trains, explosions, or roof falls — than their competitors.
Terrific note!
Came via the Blind Squirrel, and grateful that I did. Duly subbed.
Loved this episode guys, keep up the great work!
Not to nitpick... but its Natural Resource Partners. Easy mistake! Otherwise, very nice article.
I love what you guys do! Keep up the great work. Wondered if you saw Monish's recent 13F disclosing a new position in ARCH (only his 3rd position with CEIX and AMR as the other two).
Many thanks :-)