to test 840, page-5

re: jbm v mcr the big picture Fed,
thats a great summary youve ripped out quickly and I think the nickelheads amongst us on HC fully understand why JBM has the value attached to it that it does per you brief analysis.
But as your comment highlights, with MCR's minelife, cash, mgt performance and potential to expand reserves it is hard to justify the pe differential/shortfall for MCR.
I think JBM as a mid-tier sector leader is appropriately valued...I also think MCR is undervalued by somewhere between 30-60cps right now.