RE:why is this so cheap
My theory is two main things drive CJ down, or prevent it from falling. The first thing is a lower frequency of public announcements, it's not very often they announce catalysts, but when they do they rocket. The second thing not setting much support for CJ is a lack of buybacks. I think the buybacks are what keep WCP from being as volatile for example. WCP has more frequent and smaller catalysts paired with buybacks holding a floor. Long term I bet they perform similarly, I just tend to see more gradual declines in CJ followed by spikes up. Seasoned traders probably do better on CJ. If CJ gets too cheap and neglected by the market I could see them getting taken over. 35% FCF is too good, a larger company could command a higher price multiple on those earnings, enjoy synergies, and hedge in these prices.