RE:Spike in buying interest recently?I think this is a rare case where cheapness alone really was the main catalyst.
At the COVID trough, MRD was trading at less than 20% of book value. Even crummy companies rarely drop below half of book, and Melcor is a well-run company that over its history has more than earned its cost of capital. It just happens to operate in a jurisdiction that has fallen on hard times, and because of the nature of its business lacks the ability to react swiftly to this change in circumstances. Even so, the company has gotten through the pandemic with an inconvenient pause in earnings, but no losses.
While Melcor will not appeal to the Reddit crowd, those looking ahead ten years (and one hopes, a better-balanced real estate market in Alberta) can see book value doubling and Melcor's share price reaching book. That would make it a conservative six-bagger not even counting the juicy 4% yield we get paid along the way. Quite sufficient for my purposes.
Just my opionion, do your own due diligence.