This column was originally published on RealMoney on Nov. 20 at 8:42 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.
been challenged for some time to deliver the copper it needs to. This last quarter, again, it reiterated that it has a lot of copper in the ground but has had a difficult time extracting it. So instead of plumbing the depths of Indonesia, it has plumbed the depths of Wall Street and
Of course, Freeport can get PD because of Wall Street. We're merciless on the Street when it comes to the cyclicals. Once they have peaked and the possibility of
lurks, you could always find yourself with a stock that can't go up no matter how much money you are making.
That's where PD has been. It is coining money but less of it because copper goes into housing. So there's no way institutions except
Atticus, which is rapidly turning into one of the most creative and long-term thinking hedge funds out there, could sit with the stock.
Freeport, on the other hand, runs its business like a business, not a financial institution, and it isn't worried about this cycle; it's focused on the
cycle. So this move is a brilliant one,
Freeport can pull it off and if one of the other mineral concerns that's also treading water --
Companhia Vale do Rio Doce
-- doesn't get involved.
A company desperate for reserves and another company with big reserves that gets no respect -- it's a match made for shareholders.
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At the time of publication, Cramer had no positions in any of the stocks mentioned in this column.
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