UPDATE: Company best positioned to benefit from a 'Trump Wall' is Mexican
Narrow-moat Martin Marietta stands to benefit from improving U.S. construction activity.
Total non-residential-construction spending is likely to disappoint over the next decade, but growth in construction-heavy industries like manufacturing and highways bodes well for some companies.
High shipping costs prevent low-priced imports from entering these companies' markets.
We don't see the recent share price declines for metals and mining producers as a buying opportunity on average.
Martin Marietta continues to raise prices despite the weak residential construction market.
Lower commodity prices and a break-up of the European potash cartel have weighed on basic materials stocks year-to-date.
Improved demand should underpin stronger potash and PRB coal markets in 2014.