Abigail with attitude: Glencore – I told you so
The most annoying words in the English language must be: I told you so. Nevertheless, I was correct when I wrote negatively about the Glencore IPO in June. ‘Can this be the right time to buy Glencore shares?’ I enquired. ‘When these guys are selling, do you want to be buying?’ It gives me no pleasure to report that on June 16, Glencore share were trading at £4.68, some 12% below the price at which the company listed its shares one month earlier. The shares now look over-sold and have traded up a little to around £4.90, but if you had been lured in to investing in the issue by a slick-tongued salesman, you might feel a little queasy today. I felt a little queasy in late May, not because of any ill-advised share purchases but because I had over-committed myself. Since I left investment banking, I take a more relaxed attitude to life and aim to dawdle in the slow lane, smelling the roses. Gone are the days of the 7am flight to Frankfurt, six meetings, two conference calls and a business dinner.
So I had an attack of the vapours when I looked at my schedule for the end of last month and saw that not only did I have an important meeting with an investment bank chief, but that I was meant to be hosting a dinner party at home for seven industry chiefs and flying to Paris for a conference. I also had an invitation to rub shoulders with the English establishment at the gala preview evening of the Chelsea Flower Show. This ‘must-show’ event was concisely described by a top fund-manager as: “An open-air cocktail party for the glitterati. Participation is essential for anyone with social aspirations. Viewing the blooms an optional extra.”
The Chelsea Flower Show was concisely described by a top fund-manager as: ‘An open-air cocktail party for the glitterati. Participation is essential for anyone with social aspirations. Viewing the blooms an optional extra’
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