Are BHP, Rio and FMG stupid, page-11

Oh, the irony of it all. Hindsight is a wonderful thing, its a pity that the journos have a moratorium on it. Why are they still journos? Funny that.

When FMG was a minnow, but with a long-stated goal of 155mtpa, the press mocked them, BHP or RIO, - I've forgotten which one, I think it was RIO, - said their tenements were 'nothing but rusty nails'. BHP would not let FMG near its rail lines, ASIC took them to court.

But against all that, and the variable iron ore price, - they got their finance ducks in a row, built some valuable ancillary assets, and - achieved their goal. Congratulations all round? Well, no, not exactly. Suddenly that goal is a liability.

Not for me. I have a much more optimistic view of the big picture. I may be wrong, but at least I'm not worried and don't feel the need to follow the fe price on a daily basis.