Letter Focus

Third Point Q4 2012 investment letter.

China Eclipses U.S. as Biggest Trading Nation at Bloomberg13 Charts That Are Crucial To Understanding China And The Emerging Markets at Business Insider.

Goldman Sachs braces for bond market blow up at Fortune.

Long-Term Focus on Ford by Chess.

Coal’s Darkest Hour: Fitch Warns Of Increased Bankruptcy Possibilities In US Coal Sector at IB Times.

CLD reported Q4 and full year 2012 results and 2013 guidance.  Free cash flow was impressive as well as the positioning for exports late in the decade.  The industry ought to expect a stronger fight from the greens.  EBITDA guidance for 2013 is a wide and light range and I speculate will take the stock lower…you know, the natural gas bugaboo.

U.S. utilities seen burning more natural gas as prices decline at Reuters.

corporates An Alternative View on the Corporate Cash Hoard

4 thoughts on “Letter Focus

  1. Interesting charts on China. My China play was TCK and recently I was stopped out after the puke from earnings. Is TCK your only China play?…..I believe you mentioned others in the past (?)…..

    • Sure. Just because a stock is my industry favorite doesn’t mean it’s going higher. Ironically, cyclical names are often best bought when earnings are lower and sold when earnings are higher…

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