No wonder Buffet and people like him can outperform the market long term. When MCE was $8 everyone was buying. Now at $0.63 with no debt, 140 million of work secured and a most likely sharply improved result for 14/15 as the AUD is freefalling, no one is buying (well I am). Price is the third of book value and they have a new, modern facility. Everybody hates MCE so it seems like a classic buying opportunity to me. Everyone also seem to think oil will stay low medium term even though at current prices Saudi Arabia suffers huge budget deficits that will not be tolerated within their government long term. Essentially I am betting that MCE will not go bankrupt but in fact will weather the storm better than its competitors as the exchange rate is swinging in their favour.
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