My posts here of long ago often mentioned the unique Fortescue culture of making things happen, sticking to plans, cultivating the right people, and not being distracted.
My faith has been vindicated again. It takes real management strength and determination to forge ahead when every two-bob expert is telling you it can't be done. Just think about the attacks they have successfully fended off, from ASIC to the persistent sarcastic press, Wayne Swan's stinging personal attacks, the list is amazing.
Well, FMG's team has been doing it for ten years now. The culture of this company is totally unique. A lot of people have made money from this, probably shorts included. But every dog has his day, and today is not theirs.
I've watched with delight as Andrew Forrest's standard press introduction went from 'iron ore hopeful' (read; upstart) to 'billionaire'.
For anyone who is not familiar with the real beginnings of this company in 2003, what caught my eye early on was;
1. The amazing ability to get needed approvals quick smart. 2. The ability to ignore sarcastic press and power on regardless. 3. The time spent cultivating and researching the Chinese and markets. 4. Likewise, the ability to entice and sign financiers with good deals for both. 4. The promise that shareholders would never be diluted. 5. The genuine focus on shareholders' interests
Its been an amazing journey, and it ain't over yet.
For what its worth, my view is that iron ore is going to be in plenty of demand for years to come. Both BHP and RIO have fumbled the ball, while FMG remained focussed.
No other company has had the blowtorch applied like its been applied to Fortescue. Do you think that might have made them stronger? Just a tad.
FMG Price at posting:
$4.27 Sentiment: Hold Disclosure: Held
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