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WHILE WE ARE BULLISH ON the coal space and investors should be net long, we want to continually re-evaluate alpha generation.
The steam-coal thesis is clearly intact, but we must take notice of the impact from the met slowdown. We are also seeing a spread between high-quality met and crossover tons widen, and that is the reason we are Outperform-rated on Walter Energy (WLT). >>READ MORE
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