Black Bear Value Partners, an investment management firm, published its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Black Bear Value Fund returned -7.1% in September and -1.0% in the quarter, and -12.7% YTD. The S&P 500 returned +3.6% September, +8.1% in the quarter, and +14.8% year-to-date. HFRI Value Index returned +1.3% in September, +5.9% in the quarter, and +13.7% year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2025. ...

But Russia's nominal GDP is now $2.2 trillion, about the same level it was in 2013, the year before Russia annexed Crimea.During Putin's first two terms as president from 2000 to 2008, Russia's economy soared to $1.7 trillion from less than $200 billion in 1999.Russia's Center for Macroeconomic Analysis and Short-term Forecasting - an influential research non-profit - said sectors of the economy not connected with the military had contracted by 5.4% since the start of the year. The Center forecasts a major ...

Umnat Seebuaphan/iStock via Getty Images “May all your delulu come trululu.” – Gen-Alpha To My Partners and Friends: Black Bear Value Fund, LP (the “Fund”) returned -7.1% in September, -1.0% in the quarter and -12.7% year-to-date. The S&P 500 returned +3.6% in September, +8.1% in the quarter and +14.8% year-to-date. The HFRI Index returned +1.3% in September, +5.9% in the quarter and +13.7% year-to-date. We do not seek to mimic the returns of the S&P 500, and there will be variances in our performance. ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Greater China Materials** industry, highlighting a **liquidity-driven bull market** supported by **supply disruptions** that are positively impacting commodity prices. The preference is for **gold, copper, and aluminum equities** in this environment [1][4][10]. Core Insights and Arguments - **Commodity Price Forecasts**: - **Aluminum**: Morgan Stanley forecasts $2,659 per ton for 2H2025, which is 6% higher than consensus. For CY2026, the forecast is $2,750, 8% above consensus [10]. - **Copper**: Expected price of $10,047 per ton for 2H2025, 5% above consensus, and $10,650 for CY2026, 9% above consensus [10]. - **Gold**: Projected at $3,719 per ounce for 2H2025, 9% above consensus, and $4,400 for CY2026, 34% above consensus [10]. - **Steel Demand Drivers**: - The **China Steel Demand Drivers** for 2025 include: - **Machinery**: 30% - **Infrastructure**: 17% - **Residential Property**: 14% - **Auto**: 9% [17][19]. - **Copper Consumption Index**: The **China Copper Consumption Index** indicates a significant reliance on sectors such as **Power (47%)**, **White Goods (15%)**, and **Auto (10%)** [21][22]. - **Aluminum Demand Breakdown**: The **China aluminum demand** is driven by: - **Property**: 22% - **Passenger Vehicles**: 20% - **Grid Investment**: 11% [27]. Additional Important Insights - **Infrastructure Spending**: - Infrastructure spending has partially offset the slowdown in new property starts, with a **5.4% YoY increase** in infrastructure spending for the first eight months of 2025 [35][55]. - **Weekly Shipments**: - Weekly cement and rebar shipments in China are being monitored, indicating trends in demand and supply dynamics [55][56]. - **Market Sentiment**: - The overall sentiment in the materials sector remains **attractive**, with Morgan Stanley's research indicating potential conflicts of interest due to business relationships with covered companies [4][5]. - **Analyst Team**: The call featured insights from a team of equity analysts at Morgan Stanley, emphasizing the importance of their research in investment decision-making [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the Greater China Materials industry and its current market dynamics.

Summary of Alliance Resource Partners Conference Call (October 08, 2025) Company Overview - **Company**: Alliance Resource Partners (NasdaqGS:ARLP) - **Market Capitalization**: Approximately $3.5 billion - **Structure**: Master Limited Partnership (MLP) which is tax-advantaged and yield-oriented, primarily focused on energy infrastructure and natural resource activities [2][3][5] Business Segments 1. **Coal Operations**: - Generates 80% to 85% of cash flow - Second largest coal producer in the Eastern United States - Operates seven underground mining complexes across several states - 92% of sales in 2024 directed to domestic electric power generation markets [5][6][10] 2. **Oil and Gas Mineral Interests**: - Represents 15% to 20% of cash flows - Generated approximately $115 million in segment-adjusted EBITDA in 2024, up from $40 million in 2020 - Focused on passive investments in royalty interests, primarily in the Permian Basin [6][19][20] 3. **Other Growth Investments**: - Includes investments in energy technology (Matrix) and digital asset technology (BitTiki for Bitcoin mining) - Recent investment in Gavin Coal-Fired Power Plant, representing a 5.5% equity stake [7][22][24] Industry Outlook - **Coal Industry**: - Positive outlook supported by current administration policies emphasizing coal's role in grid reliability - Anticipated increase in U.S. electricity demand driven by data centers, onshoring, and AI [8][10][13] - Shift towards domestic markets with 92% of sales expected to be domestic in 2025, compared to an average of 86% from 2021 to 2024 [10][11] - **Government Support**: - Recent actions from the administration include extending compliance timelines for environmental regulations and funding for modernizing coal plants [15][16][17] Capital Allocation Priorities 1. **Strengthening Balance Sheet**: - Low leverage with gross debt to trailing 12 months adjusted EBITDA at 0.8 times [26][27] 2. **Investments in Coal Operations**: - Planned capital investment of $285 million to $320 million in mining operations for 2025 [27][28] 3. **Oil and Gas Royalties**: - Approximately $100 million allocated for reinvestment in oil and gas minerals [28] 4. **Distributions to Unitholders**: - Focus on providing attractive yields through cash distributions rather than stock buybacks [29][30] Additional Insights - **Growth Potential**: - The oil and gas minerals segment is expected to potentially double in size over the next eight years [21] - Investments in technology and diversification into non-fossil fuel sectors are seen as growth opportunities [23][24] - **Market Dynamics**: - Domestic pricing for coal is currently more attractive than export pricing, leading to a strategic focus on domestic markets [11][12] This summary encapsulates the key points discussed during the conference call, highlighting the company's structure, business segments, industry outlook, capital allocation strategies, and additional insights into growth potential and market dynamics.

Ramaco Resources, Inc. (NASDAQ:METC) is one of the stocks Jim Cramer recently talked about. Cramer said that he is not going to recommend the stock because he thinks “we missed the move.” He commented: “The question now is whether or not it’s worth chasing this thing after such a spectacular rally. I gotta say, I wish I had found it earlier, of course. At this point, though, I don’t feel comfortable recommending the stock after such an extreme parabolic move. You know, I don’t like parabolas. It would be ...

Trump is making coal versus renewables personal, @johnauthers writes. For AI's electricity-guzzling data centers, it's business (via @opinion) https://t.co/Ld0nE8PQ6v ...

BILLINGS, Mont. (AP) — A Navajo tribe-owned company bid $186,000 to lease 167 million tons of coal on federal lands in southeastern Montana on Monday in the biggest U.S. coal sale in more than a decade. The offer from the Navajo Transitional Energy Co. (NTEC) equates to one-tenth of a penny per ton, underscoring coal's diminished value even as President Donald Trump pushes to mine and burn more of the heavily polluting fuel. Federal officials did not immediately say if they would accept the offer. It was ...

Core Points - The U.S. government is preparing to conduct its largest coal sales in over a decade, offering 600 million tons from publicly owned reserves in Montana and Wyoming [1][4] - The sales align with President Trump's goal to increase coal extraction from federal lands, despite most power plants served by these mines planning to cease coal usage within the next decade [2][3] - The push for coal sales raises questions about future demand, as power plants are increasingly moving away from coal, highlighting the challenges of reviving a declining industry [3] Industry Context - The upcoming lease sales are located in the Powder River Basin, which is known for being the most productive coal field in the U.S. [4] - The Biden administration previously blocked future coal leases in the region due to concerns over climate change, indicating a shift in policy direction [5] - Trump's administration has expedited coal lease approvals and expansions across multiple states, disregarding greenhouse gas emissions considerations [6][7]

Group 1 - Alliance Resource Partners, L.P. (NASDAQ:ARLP) experienced a share price increase of 6.14% from September 25 to October 2, 2025, making it one of the top-performing energy stocks during that week [1] - The company operates as a diversified energy entity, primarily focused on coal production and marketing to major American utilities and industrial users [2] - The American coal sector received a significant boost following the White House's announcement to open 13 million acres of federal lands for coal mining and allocate $625 million to enhance coal power generation [3] Group 2 - The Environmental Protection Agency (EPA) plans to ease regulations on water and air pollution, which is expected to prolong the operational lifespan of coal power plants [3] - The strategic initiatives are part of the Trump administration's efforts to reverse the decline in the American coal sector and promote coal as a power generation source [3]