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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: A. Geiche who wrote (652)8/4/2001 6:45:50 AM
From: craig crawford  Read Replies (1) of 1643
 
Coal company pays off for fund
marketwatch.com

Nothing is easy, not even coal. Westmoreland went into bankruptcy twice. Coal prices declined for about 15 years before recently heading higher. Now, coal generates about half of Americans' electricity. Westmoreland made some smart acquisitions, including Montana Power, and looks to become consistently profitable.

Killen has about 10 percent of his mutual fund in Westmoreland, down from about 14 percent at the end of last year.

Not that Killen is a total believer in hard assets. A contrarian by nature, Killen is also pragmatic. He sees little immediate hope that commodities such as steel, copper, gold and other natural resources will spring back from their lowest prices in about a decade.


"I see these commodity indexes going lower and lower. But the thing you have to remember about being a contrarian is that there has to be some reason, some stimulus, for a decision," he says. "The only hint that something is changing (in hard assets) is that the bond market didn't make a new high in this weak economic cycle. So maybe this (low) inflationary trend is finally over. There's a hint that we may have reached the low point on disinflation, but I am not ready to buy hard assets just yet."
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