As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
Its position in the Powder River Basin gives the firm a narrow moat.
We don't see the recent share price declines for metals and mining producers as a buying opportunity on average.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
We think Cloud Peak is the best way to play a rebound in PRB coal prices.
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.
If they mind the pitfalls, individual investors can get a distinct advantage over large money managers in the small-cap arena.
Five offerings deemed to be right for right now.