$46,348

Dear investors, This past week was eventful. I started the week by liquidating all of my coal equities. The Evergrande news spooked me. Because if the China real estate market was about to collapse it would take down the steel and infrastructure markets with it. If steel fell, met coal would go with it. And given that China consumes the most steel in the world, met coal had a very real potential of crashing harder than a rock.

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