divestment discount
In my opinion, it seems that long investors in CJ and other Canadian ( and US ) stocks are dealing with a divestment discount perpatrated by our dear idealistic progressive fellow travellers in our society. The progressives sincerely believe that by restricting supply they will succeed in reducing oil and gas consumption. Of course, this is not true due to those laws of supply demand in a market econonomy ( that is what we have you know) where a reduction in supply will lead to higher prices. That does stop progessives. They believe they are doing good. The real kicker is that the progessives have been pretty effective in selling this stuff to those gutless TO fellows running mutual funds and retirementr funds. Quietly effective.
How long they can get away with this stuff is anyones guess in the face of high profits, low debts and a big a** dividend? It must get hard after awhile.