Over a long period of time it's been a case of a few billion casually written off here; a few tens of billions there, another few more billion over there.
Not sure what it is about this company, but is has great form - demonstrated over many years- torching shareholder capital.
Almost every single cycle, they end up drinking the Kool-Aid of whatever hot thematic prevails at the time.
I'd love to be a fly on the wall in Board meetings when the army of eminently-qualified BHP directors gather to discuss capital allocation strategy. Must be something to behold.
(They sign off on really grrreat looking, colourful Annual Reports, though)
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BHP Price at posting:
$45.07 Sentiment: None Disclosure: Not Held
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