Copying and distributing are prohibited without permission of the publisher
Lord Copper: The great Glencore IPO
April 25, 2011 - 17:58 GMT
Lord Copper: The Glencore IPO has certainly attracted a mass of coverage, in both the general and the specialised press, so I thought I couldn’t be left out
A lot has focused on what might be called the sensationalist
aspects: "They get paid more than – shock, horror
– Goldman Sachs!" It’s also quite amusing
to read how journalists have suddenly discovered the size and
reach of the company and for how much trade it is responsible.
All this stuff has been pretty well known to commodity market
insiders for years; since the days of Marc Rich & Co, in
fact. What is probably more interesting is the way the
knowledgeable press has reacted, and what that might be telling
us. One strand of thinking appears to take the line that this
IPO in the end is a trade, and it’s a trade that
Glencore itself is selling. History tells us, the thinking
goes, that going in the same direction as Glencore tends to be
more successful than opposing them, so the smart investor
shouldn’t be trying to...
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.
Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.
If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.
A standard subscription include one year's worth of news and prices. You can also upgrade to a premium subscription and benefit from more than 17 years of intelligence plus access to MB Company Data.
Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.