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.
Improved demand should underpin stronger potash and PRB coal markets in 2014.
Lower commodity prices and a break-up of the European potash cartel have weighed on basic materials stocks year-to-date.