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Valuentum wrote a comprehensive outlook on the coal industry and railroads in this July 2013 piece here, and to a very large degree, the piece couldn’t have told the future better. Not only did we warn against the most heavily-leveraged coal producers, including James River, Arch Coal (ACI) and Walter Energy, but we threw cold water on the entire coal industry altogether. James River and Walter Energy subsequently filed for bankruptcy. We pointed to economic and political pressures making coal a less viable utility option in the US, as we stated that heightened competition in the US export market would make met coal a less attractive proposition. Since the publishing of the piece, coal operators have suffered immensely. The Market … Read more