PCY performance in perspective I am as disappointed as any other investor in PCY that we are currently trading in the 40-43 cent range. However, I am not discouraged - at least not yet. When we consider what has happened to the coal industry in general, PCY's share price action is actually quite comparable. For example, Peabody - the world's largest coal producer - is trading at $34 which is almost $40 lower than its 52 week-high of $73.95; Walter Energy is trading at $64 compared to its $143 year-high; Teck is at $36 compared to a high of $64. These are as blue chip as you can get when it comes to the coal industry. In other words, the entire sector has taken a hard landing not just venture plays or small caps like PCY. There are exceptions especially if there was a take-out like the recent case of GCE but the trend has been clearly to the downside. Imagine how the more conservative investors who bought a Peabody or Walter Energy at close to their highs must feel. Not any different from investors in PCY! It has been a tough year but the good news is that the demand for energy keeps rising in China, India, S. Korea, etc. We should see better days ahead. IMO
Happy Holidays!