Yes, well illustrated. It's a manifestation of the "Dutch disease'.* If one's country's currency is too high for too long manufacturing becomes uncompetitive and goes overseas. I think the people you talk to explain it very well.
Still despite the majority of the non- US (and some in US) population saying Trump is a lunatic. The US is making some strides to endeavour to correct this. Separately, even in the Cu & Au stocks I hold, on nearly all non-Aust ones, Chinese interests are competing with me for a slice of the pie. I've got one MLX in Sn where a Hong Kong Co. hold the other half of Renison in Tas. The key people seem to have absconded with $200m or so and MLX has a low ball bid for their creditors. Sn is probably the most critical of the non-boutique metals.
Clean information is the key for investors and you seem to be getting enough of it. Interpreting NW's position regarding it for NWC too. If we're wrong and been duped so be it. The medium-term direction of NWC's SP says otherwise.
I apologise for those who see my response of no interest. HC is designed for focus on individual stocks.
All IMVHO * In Aust. particularly WA, we had a dose of "Dutch disease" to 2011 when Cu prices plus Iron ore and gas were elevated hollowing out our industry, on China's rise and borrow and spend to get over the 2008 crash. (It's not working for them now). Creating a sovereign wealth fund here (like Norway) helped a little. I'd just finished my higher studies where it was well examined.
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