I'm going to start an Ivan Glasenberg fan club. I have no idea how he's been able to convince investors that 3.05 Glencore shares for each single Xstrata share is enough to buy full control of my favorite mining company.
Maybe people heap praise on others too easily? I'm sure that the "G-word" has been used too many times over the years. Consider how Alan Greenspan was anointed as some sort of latter day Moses every time he came to congress - we know how that ended. Mario Draghi is getting the same kind of treatment. All of a sudden his ability to push beyond the actual legislated mandate of the ECB is being praised by bankers everywhere.You know that Bernanke wants some of the action that Draghi is getting, but its really a lot more complex for the "Bernank" as his mandate is multi-faceted. If he keeps his ego in-check and states the obvious, i.e. Congress needs to step in and do something now because QE does nothing more than pour cash into a pipeline blocked up by the banks unwillingness to lend.
One consumer note . . . Late in the day Burberry that Lazarus-like luxury brand has warned on earnings.The FT quotes the CFO:
". . . the number of people entering its stores had dipped in recent weeks. It is the last couple of weeks we are particularly referring to – it is actually a very broad-based slowdown, . . ."
Something had to give. And luxury goods seemed to sail through much of the havoc aused in 2007-8 unscathed. Not anymore.
I was lucky enough to finally receive my Evo Supersix today. There is real genius in the design of this bike. The pictures (see below) don't do it justice. For a start the top tupe is far thicker than it looks in the photos and the spider crankset is elegent in the extreme.