Some Most of the useless idiots will never come to grips with the reality that they’re entirely being used.
So, this morning we learned George Soros has bought up significant shares in a couple of coal companies.
Billionaire investor George Soros, who has demonized fossil fuels for years through his think tanks and political contributions, seems to have warmed up to Big Coal now that stocks are dirt cheap.
The left-wing hedge fund legend has raised eyebrows with major purchases of stock in two large coal companies, firms his critics say he helped bring to their knees. While buying low is the hallmark of any shrewd investor, buying coal goes against the political and environmental ideology Soros has long espoused.
“I find it very interesting that George Soros would buy shares in those coal companies,” said Daniel Simmons, vice president for Policy at the Washington DC-based free market energy group, Institute for Energy Research. “I am confused given the non profits he funds and how hard they have worked to demonize coal.”
Soros, whose Climate Policy Initiative think tank recently urged the world to stop using fossil fuels in general and coal in particular, snapped up 1 million shares of Peabody Energy and half a million shares of Arch Coal, giving him significant stakes in what’s left of the U.S. coal industry.
The trades would have cost Soros a lot more six years ago, when Peabody, which trades under the symbol BTU, was at about $90 a share. Under the Obama administration, which has punished the coal industry with costly mandates and regulation, Peabody shares have fallen to around $1.
June 2, 2014: This photo shows a hill of coal at the North Omaha Station, a coal-burning power station, in Omaha, Neb. (AP Photo/Nati Harnik)
Neither Soros nor his New York-based investment firm, Soros Fund Management, would comment on the coal play, citing a longstanding policy of not discussing investments. ….
…. The filing shows the purchases of 553,200 shares of Arch Coal for $188,000 and an investment of $2,254,000 into Peabody Energy for 1,029,400 shares, which means he’s lost money on both so far. Peabody, the biggest coal producer in the U.S. by output, said in a recent statement that it “has been trying to turn itself around as it faces challenges from low natural-gas prices, a glut of global coal supplies, weakened demand from China and a growing public call to cut carbon emissions.” …
…. Soros backed President Obama, who notably campaigned in 2008 shutting down the coal industry, a promise industry experts say he’s kept.
“The drop in coal market stock is directly related to the promise that Obama made to his environmental extremist supporters – ‘you can build coal fired power plants, but we will shut them down,’” said John Sparr, a mining engineer and geologist who specializes in the coal industry. ….
…. But should there be a change in the regulatory climate, coal stocks could become a bargain.
The important thing about coal, Simmons said, is a little over 10 years ago, coal produced 50 percent of energy in the U.S. and that is now at 40 percent and continuing to trend downward.
Michael South, a UK-based mining and energy consultant, told FoxNews.com that while coal prices have suffered around the world in part because of a drop in demand from China and other countries, and fracking, which produced natural gas at a cheaper price, there is still a huge need for coal, and eventually prices will go up.
“George Soros spent millions of dollars and multiple years helping to driving down price of coal,” said H. Sterling Burnett, research fellow and managing editor, at the Heartland Institute. “If he buys enough stock to have controlling interests in these coal businesses, closes them down and leaves the coal in the ground, we might accept that he is a true believer, that his investment was all about stopping climate change and saving the environment.”
“But my suspicion is that he helped to drive stocks down, bought as many shares as he can, and, when stocks rebound, he can sell his shares and make a huge profit.”
Well, at the minimum this is simply an easy business call. Soros is worth $billions. So, what’s the risk of throwing a couple of $million in a gambit to make money? It’s low risk and high potential returns.
But, there’s more to it than that. This is exactly what Soros did in currencies which made him very rich. Now, will Soros suddenly and openly start backing coal use? No, he won’t have to. He knows there will continue to be a huge demand for coal throughout the world, for decades if not centuries.
This can also be seen as a bet of a different, but, related sort. Soros knows team Zero’s days are numbered. Of course, it wouldn’t make much difference if the US were to elect another leftard. I think the good money is that we’re not going to. Hillary is toast. Even if she makes it through the Dim primaries, and that’s no sure bet, she won’t be able to withstand the probing of an opponent. As I’ve stated many times before, she’s no Bill Clinton. Bill would just give the public an “aw, shucks” smile and they’d forget about his flaws and missteps. Hillary doesn’t have that very unique ability. Sanders is a non-starter. He does have a chance for the Dim nomination, but, the US isn’t ready to elect a self-avowed socialist, yet. O’Malley? He can’t even make headway against Hillary and a socialist! Biden, if he were to announce very soon, may be another one who could win the Dim nomination, but, being seen as a stupid extension of Obama isn’t going to get him the presidency. There’s really no time for any other candidate to start a ground game and get into the bidding. The odds are, we’re going to have a Repub president, next ……. assuming Trump doesn’t run as an independent.
Most of the Repub potentials won’t be near as aggressive towards coal as team Zero has been. Soros knows this, and many of the Repub potentials will try to clip the EPA’s wings.
That brings us to the question as to whether or not this is a realization that the global warming hoax is entering it’s death throes or not. I think it is because of the next, and relate issue on this coal buy.
Throughout the world, we see many signs of people and nations rolling back some of their bigger ambitions regarding global warming. Why? Because of two issues: One, is that people are starting to realize the global warming scam is all a bunch of babbling bs. It’s just a bunch of neurotic leftist tools for people like Soros babbling nonsense. None of them know WTF they’re talking about, they don’t know a damned thing about math or science. The facade is fading and cracking. Two, is that I believe we’re heading for another hard global recession/depression. That, on it’s face doesn’t bode well for coal. OTOH, how much worse can it get for coal? The issue is that people and governments have many more pressing issues other than pursuing a fanatical aggression against so-called fossil fuels.
Indeed, when the next one hits, and I believe it will be soon (we’re already there, it’s just the clown cars leading the parade who don’t realize it), the ones who ushered us through the last one will be seen for the incompetent boobs that they are. And, this bodes very well for coal. In spite of fracking, coal is still cheaper than nat gas. Nat gas can’t get any cheaper because of the cost of extraction.
Personally, I think it would be prudent for investors to heed this. Coal stocks are a bargain, right now!