You can't be serious IndianOceanGuy? The points made by Average Joe were reasonable and measured, even if I don't agree with all of them. But to take those points and extrapolate them into the nonsense that you have written shows how little you understand FMG.
Your comment "management has done nothing than merely postpone the inevitable" is a good example of this stupidity. Again, regardless what anyone thinks about the price direction of io, it should be acknowledged that FMG has done a brilliant job of reducing costs - probably better than anyone in the world. If anything, their "do nothing" performance of recent quarters has been a case study for other Australian companies to emulate if they too want to become world class.
I suspect your ignorance is best summed up in the stupid comment "FMG management are very foolish..."Re selling assets - you are obviously better informed of the facts than "foolish" management who have given this matter great thought already. Point is, as they they have clearly stated, they can sell them anytime they like and have already made it clear they don't need or want to sell below market value. Why would they? The company is spinning off huge amounts of cash and can (and has) repaid debt early at 80 cents in the dollar. Why anyone expects them to sell an income generating asset cheap to unnecessarily repay more debt (but at 100 cents in the dollar) is mystifying.
Yeah, I hope "they don't turn out to be another Babcock and Brown" too. But don't worry IndianOceanGuy, they won't because not only don't you understand FMG, you don't know much about B&B, and you certainly don't know anything at all about the difference between the two companies. For starters, B&B were furiously borrowing more each month just to stay alive and had no cash flow nor any other means to repay debt. FMG is the opposite. Your comparison is sad.
FMG's performance has been world class and should be heralded as a national example of business achievement, not denigrated by idiotic comments which seek to minimise the outstanding progression of the company, particularly over recent quarters. Everything that could be controlled by FMG management has been improved beyond the expectation of all doubters, analysts and naysayers.
This remarkable achievement stands irrespective of what happens to the io price. IndianOceanGuy, you and the other negative dribblers who have been wringing their hands on this forum for months on end (always when the sp price is down) should at least acknowledge the actual performance and facts around FMG rather than ignoring the amazing progress that has been made by an already great Australian company.
At least have the courtesy to do some research before you post blatantly uniformed and misleading nonsense.
FMG Price at posting:
$2.10 Sentiment: Buy Disclosure: Held
(20min delay)