Todays buying had institutional buying all over it. This was not daytraders buying and pushing up the price. The buying today was from an institution that has very deep pockets and wanted a big chunk of BTU and they wanted it yesterday. To hazard a guess, I would say that it was Matthews Capital Partners making their large stake even larger. On the 11th of November they went from 24.3 million shares to 77.9 million shares or just over 13%. If he was buying again today he may be pushing the 20% mark.
Here is what Business Spectator said about him last year.
http://www.businessspectator.com.au/bs.nsf/Article/Phil-Mathews-Capital-Partners-hedge-fund-agribusin-pd20100917-9D3WB?OpenDocument.
Of particular interest is
"In his last big interviews, both given in 2005 , one for the book 'Masters of the Market' and the other with hedge fund site Eureka Hedge, Mathews reinforced the lesson.
"If you could pick a sector correctly, most of the stocks in that sector would go up," he said in Masters of the Market.
"To spot trends, we subscribe to various industry trade journals, global newspapers and every available news service, he told Eureka Hedge.
Once the theme is picked and this can take a year to research, apparently Mathews and his team start looking for the right individual stocks.
"When we visit a company, we are looking for confirmation that the company does reflect any trend our research has revealed. Often we find a rising tide lifts all boats and that laggard performers may have the most upside. We are very vigilant as to whether the company is able to deliver on its business plan and as to the credibility of the people entrusted with decision making. It is absolutely essential that the company delivers the expected results," he told Eureka Hedge.
Mathews other big criteria is spotless financials and there's no room to move.
Certainly nice to have Matt on board.
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