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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...
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Euromoney Institutional Investor PLC.
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