Izabella Kaminska dissents from the fashion of calling the Glencore IPO a top in the commodity mania. Bull markets, bear markets, backwardation, contango ... Glencore profits no matter what. Access to cheap funding is probably more important to the company and the IPO will provide plenty of it.
Izabella Kaminska dissents from the fashion of calling the Glencore IPO a top in the commodity...
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