shorting fmg, page-17

"I am not suggesting FMG will collapse, it is simply beyond fair value."

It may be, and I'm not really arguing!

As a market student, what actually happens is that the market looks forward to varying lengths, sometimes weeks, and sometimes years. In my experience, the price action always precedes the news. I did not learn this overnight, it took years. The news you mention is true, I have no doubt, but FMG shareholders would all know it too, and have decided that a fair price today, - even with that news, - is around low $5.
You seem to be saying that the same shareholders will at some point change their minds? They may, but I certainly don't know why or when.

FMG is a special case, and it does not follow accepted convention like say, BHP. The reason is that it still has some detractors and skeptics. Its quite fascinating to me, as it still seems like yesterday it was around a few cents, and was no more than an idea in AF's head. Just nine years ago in fact.

Its also worth remembering that FMG is the best performer ever on the ASX. Why is that? For an iron ore company, and what does it mean?

I think I know the answer to that.