stairs on the way up escalator on the way down, page-31

WangChung

I would retort that "yes", the fundamentals of an investment are driven on the risk adjusted present value of future cash flows of the asset.

IO prices have been crashing (and predicted to go much lower as futures markets are pricing in and analysts are throwing up all sorts of numbers down to $80/t in a couple of years).

This dramatically effects FMGs future cash flows and hence the lower price. No news of course of FMGs operations but more the macro environment that it deals in exclusively (IO, a commodity facing severe oversupply issues in the next few years (see chart).