I have to admit feeling the same as Mr. Day, despite the horrid pin action in the stock. The company is a free cash flow generating machine and should be able to weather the storm, providing copper stops bleeding out. It’s worth noting, however, the recent rout in FCX has pushed debt/eq levels up past 3x, a dangerous game to play with the amount of debt Freeport has on its books.
Being that I sold the shares substantially higher towards year end, I am tempted to go long down here. However, I made a commitment to remove non-systematic risk from my portfolios in 2016, so I’ll have to watch the likes of Carl Icahn “have all the fun” in FCX for the time being.
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I might miss out but I’m thinking $2 this summer looking at chart.
Didn’t FCX buy some oil company when oil was north of a hundo?
yes