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Coal Market Industry
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 National Coal mines, processes and sells bituminous steam coal from mines in east Tennessee and southeastern Kentucky. Co. owns the coal mineral rights to about 74,600 acres of land and leases the rights to about 40,900 additional acres. As of Dec 31 2006, Co.'s had two underground mines, two surface mines, two highwall mines, four preparation plants, two active and two inactive, and four unit train loading facilities, two active and two inactive, served by the Chessie Seaboard Multiplier and Norfolk Southern railroads. Co. holds permits to open or re-open five new mines close to its operations. As of Dec 31 2006, Co. controlled about 36.2 million estimated recoverable tons of coal reserves.
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Investing by Industry or Market Sector employs non-emotional, numbers driven, value-based industry, sector, and country rotation techniques, that, unlike conventional stock picking methods, focuses instead on identifying and capitalizing on theme movements in the well identified industries & market sectors.

Primarily, this active-asset methodology recognizes that advances in financial markets are defined by "themes", or led by asset classes, industries, and countries, with each advance distinguished by specific sector-driven themes. Employing a disciplined research and valuation process these "themes" are identified so that Portfolio's can be created and/or adjusted toward the most attractive sectors.

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