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Mr. Patrick bought 34,000 shares at $40.55 average. The stock is still below that after running up 17% (at the moment) today.

The bear argument makes sense, but it hasn't shown up in coal prices yet, at least the charts I've seen published.

This stock is almost cut in half from the HG sell recommendation price, and two thirds off its 52-week high. Maybe commodity prices saw an irrational bubble based on expectations on growth in China and India, but I think the valuation makes pretty good sense at today's prices. At the end of the day, people will need "stuff" and steel will be used. Isn't the coal used for smelting recycled steel too? Either way the seller should benefit.

I am down 10-25% each on the 3 small purchases I made last Friday, but I don't pretend to know the bottom. Emotionally, it's easy to feel like I should have sold *everything* a month ago, which would have saved me several 10s of thousands if I bought back in today. Hopefully this will look like a small blip when I look back some day.
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