Walter Kass

Analyst Justified in Second Downgrade for Alon Energy

I speak Hebrew but something is lost in the translation here. I am a retired Analyst, PM and Investment Banker. He tries to re-package Paul Cheng's report unsuccessfully. The report waffles, which is unusual for Mr. Cheng. Bottom line, if ALJ was priced for $100 oil then why didn't Cheng put out a sell in August when the crack spread peaked? Any guesses? I don't think t ALJ management made a SINGLE mention of $100 oil oil when they bought Paramount and Edgington with CASH from their CREDIT line, not supposedly overpriced shares. Someone explain this logic disconnect to me please? And where is the crack spread and where is it going?

In English please?