Value Hive Podcast Matt Warder: Coal, Precious Metals, and Dinner with Mohnish Pabrai
Feb 28, 2025
In this conversation, Matt Warder, a coal industry expert from Seawolf Research, shares his deep insights on the evolving coal market and why coal stocks remain undervalued. He discusses the implications of metallurgical coal for steel production and the expected uptick in coal output. Additionally, Matt reflects on his memorable dinner with investor Mohnish Pabrai, offering valuable lessons from that experience. His unique journey from aspiring medical student to coal consultant adds a personal touch to this intriguing exploration of commodities.
AI Snips
Chapters
Transcript
Episode notes
From Music to Coal
- Matt Warder's career path took an unexpected turn from music to coal.
- A student offered him a job, and his father's background in coal law provided additional support.
Early Coal Losses and COVID Wins
- Matt Warder's early coal investments were unsuccessful until the COVID-era supply shortage and subsequent events.
- Recognizing the shortage and related factors led to substantial gains.
Coal Portfolio Construction
- If interested in coal, start slow due to current market headwinds.
- Prioritize low-cost metallurgical coal producers like Consol, Core Natural Resources, Alliance, and Warrior Met Coal.