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...