RE:I don't get it
I am long MRE but it's easy to see why it trades so cheaply. Mr.Market thinks that we are at the top of the auto cycle. Look at Ford, GM and Fiat-Chrysler. They all trade at ridiculously low multiples.
The common wisdom is that you buy autos at the bottom of the cycle (when they look expensive on P/E basis) and sell them near the top of the cycle (when they look cheap).
By being long MRE and other autos, you are betting that auto cycle can stay at the top much longer than Mr.Market anticipates.