Top 5 Macro Trades in 2016Q1
This is a very short note on my top 5 trade recommendations in 2016 after the close of 2015 based on my previous note of 2016 outlook (i.e. be...
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Where Is Fortescue Heading ?
Historically, iron ore prices and stock prices have been very correlated. This correlation tends to have short term breakdowns, but over the...
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The Outlook for Copper Prices Is Worse than Most Think
The outlook for copper prices is worse than most think. Battered copper mining stocks may now screen as cheap, but we see further...
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Lowering Long-Term Copper Forecast and Cutting Rio Tinto's Fair Value Estimate to A$38
Like its peer BHP Billiton, Rio Tinto has ridden the commodity supercycle since the early 1990s. Rio Tinto's asset portfolio is less diversified,...
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BHP Billiton's Heavy Investment Through the China Boom Has Diluted Returns and Destroyed the Moat.
BHP Billiton has a number of the world's largest mines. Key mining commodities are iron ore, coking coal and copper. In addition, the company has...
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