This is actually my key concern about WHC.
WHC is obvioulsy in great financial position at the moment with debt gone, 10% buyback just about wrapped up and some juicy dividends coming. Building Winchester and possibly doing M&A/ other projects at what may be the wrong time in the cycle is the one thing that could pose a major downside risk when prices inevitably come off (this would amplify the downside). I'd rather they just run down their existing businesses rather than put significant capex to work.
Yes there are clearly currently some supply side challenges on coal which is helpful, but there are also demand headwinds as well.
There never really is a "its different this time" scenario in resources, the boom and busts are part of the sectors DNA.
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