Ann: Quarterly Activities Report, page-40

That's for no asset companies where demand is disappearing or they are losing market share. So wrong part of his speech to pick for this situation. In the same speech (usually, his speeches include the same material), he talks about another company that he owned and was getting cheaper and cheaper. The company eventually sold off its pieces and returned huge returns to the shareholders. CRN is simple: it owns some of the lowest cost met coal assets and met coal is needed for the foreseeable future. Now, the Australian assets cannot sell to China (they have US mines too), but the rest of the world will go out of the pandemic too. It is dangerous to pick a piece of someone's speech without accurately understanding the underlying situations because it is the elements of the underlying situation that make a quote applicable or non-applicable. Worst case scenario: CRN will double (1.3$) in less than 2 years which is a very good return: what happens in the interim does not matter.