The top two performers in the portfolio today — the day after Christmas — were a coal mining company and a coal mining machinery company. Each gained more than 3%.
Coal stocks have actually been stellar performers for a few months now, leading right up to Christmas. And while Wall Street would have you believe China and “cheap energy” have something to do with it, they’ve likely got it all wrong.
Based on the behavior of my kids today, I’d say Santa was responsible for the day’s strong moves in coal stocks. I’m sure he was busy all day, rebuilding his stockpiles for next year.
