Calling it a commodity portfolio was a first was it not?
Too many people focused on the oil. It is all anyone wants it seems, and is the reason for the sell down. I have been very critical of the BRR's and the fact that oil delays are casually slipped in. The market wanted that oil and any such delays were always going to be punished.
MS is tyring to put together a 'commodity basket' for the big boys (BHP) to take over at some point, and I think this fact has been lost on the market due to the focus on oil.
Needs to be seen for what it is, an Angolan land grab! If they have some coconut fields we will take those too, what ever we can get.
Anyways I liked the update and I liked the subtle shift in focus. True, no new details, but some of the language has changed to reflect what it is he is actually trying to put together. Puts it in a bit more perspective?
I am still not won over by this mob, hence my reduced exposure, but the bigger picture still exists, I just hope we can get there.
CVI Price at posting:
0.0¢ Sentiment: None Disclosure: Held
