The sky is falling! The sky is falling! Buy, buy, buy.
I am looking at the doom and gloom in the marketplace and I think about how in some cases people overreact to bad news. I am going to stay away from the stupid pricing in mortgage bonds and focus on Vale, a.k.a. CVRD. Vale owns [...]
Shagang seeks to buy stake in CSN’s iron ore unit
Benjamin S. is always willing to sell his good assets to protect his not-so-good ones. CSN controlled Vale, and when the split came, Benjamin S. went the steel route. The fact is, he probably did not have a choice at the time, but had he instead [...]
The new barrier to entry is the environmental license to operate. Okay, that seems like a simple statement, but whenever I look at industries that interest me–and I do not mean mines, but actual factories–the single largest barrier to entry seems to be the license to build the plant. This, coupled with at “not in [...]
It has been a long week and I have been traveling a lot, so sorry about the scarcity of updates. I have spent most of the week thinking about why I like to own mining assets and not steel mills.
When I started in this business, I read every history I could get my hands on, [...]
