Hasn't it been a horrible time for commodities though? They seem to have done better than most commodity producers at least. I think you will need a commodity boom to make any real money and if they can keep from losing equity while waiting they are actually ahead of the game in my opinion.
For me it's just a tiny position, less than 1%. I just use it as an inflation hedge.
There's always an excuse. Meanwhile, the opportunity cost keeps growing, because you could've been owning something else that was up 2-3x in the meantime.
Weren't members of the company's exec team talking about how happy they were about the blood in the streets and time to buy and create lots of value in recent years? Isn't the model supposed to be that commodity cycles don't matter too much because they don't have the capex and have these magical royalties?
I don't know, I tend to think that stuff I said earlier in this thread applies and that they aren't getting a very high ROIC on overall capital employed, and because of this lack of value creation, the market is keeping the stock flat (which is losing value vs your opportunity cost, which should at least be the SP500, since you can trivially own that at almost no cost and be incredibly diversified across the whole world (US listed, but mostly global companies)).
