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...