---
title: "Letter Focus"
url: https://independentstockanalysis.com/letter-focus/
description: "Third Point Q4 2012 investment letter . China Eclipses U.S. as Biggest Trading Nation at Bloomberg . 13 Charts That Are Crucial To Understanding China And…"
published: 2013-02-14
updated: 2013-02-14
---

# Letter Focus

Published 2013-02-14

Posted on

by

J.J. Butler

Third Point Q4 2012 investment [letter](http://www.scribd.com/doc/119675166/thirdpoint-4q12investorletter-010913).

China Eclipses U.S. as Biggest Trading Nation at [Bloomberg](http://www.bloomberg.com/news/2013-02-09/china-passes-u-s-to-become-the-world-s-biggest-trading-nation.html?source=email_wsb_ts_10). 13 Charts That Are Crucial To Understanding China And The Emerging Markets at [Business Insider](http://www.businessinsider.com/frank-holmes-emerging-markets-chart-2013-2?op=1).

Goldman Sachs braces for bond market blow up at [Fortune](http://finance.fortune.cnn.com/2013/01/30/goldman-sachs-bond-market/).

Long-Term Focus on Ford by [Chess](http://ibankcoin.com/chessnwine/2013/02/13/long-term-focus-on-ford/).

Coal’s Darkest Hour: Fitch Warns Of Increased Bankruptcy Possibilities In US Coal Sector at [IB Times](http://www.ibtimes.com/coals-darkest-hour-fitch-warns-increased-bankruptcy-possibilities-us-coal-sector-1066344).

CLD [reported](http://www.cloudpeakenergy.com/investor-relations/press-releases) 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](http://www.reuters.com/article/2013/02/11/us-utilities-coal-gas-idUSBRE91A0OO20130211).