is it a bad thing, page-23

To call our friends the Indians absolute idiotos it is not only unpolite but also bad for all of us as it may end by being interpreted by some of them as an unconscious projection of our self-image upon them, in exactly the same way as the image on a film is projected upon the screen.

When looking for plausible explanations for the current share price morass it seems legitimate not only to include among its possible causes lack of guidance, incompetence, ineptitude, etc, etc, but if we want to do the exercise properly then we should also include the agency dilemma or even the possibility of all being part of a concerted effort for a strategic takeover.

The agency dilemma concerns the difficulties in motivating one party (the "agent", read the Aussie board), to act on behalf of another (the "principal", read the Indians).

However in my opinion the frustration of some may also be attributed to the initial unrealistic expectations about the whole affair associated with the recent general change in sentiment about everything dealing with steel and its main constituents, iron ore and coal.