Joseph L. Shaefer
Long/short equity, deep value, growth at reasonable price, long-term horizon

Natural Resource Partners: Left For Dead, A Stirring Lazarus

Hardly anyone makes buggy whips any more, and certainly no public company lists them in their product line. But that doesn't mean all buggy whip makers went out of business. Some, pardon the pun, re-tooled their leather business into producing some other leather products and maybe then morphed into a maker of designer handbags and then expanded into a complete fashion line. Good management sees the writing on the wall and is nimble enough to diversify when needed.

PVR Partners LP is such a company. According to their website, PVR "is a publicly traded limited partnership that owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties." Just...

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