I docked the "boat", we were told in the afternoon to expect the release of Nelson Mandela and we all went closer to a radio and listened in to reports. As long as it is quality, the price is determined by the collective in the market.Ģ5 years ago today, where were you? I was at school, it was a Sunday afternoon and I was sailing a little one man boat on Settlers dam, just outside Grahamstown. For me it represents an opportunity to buy the same companies potentially at cheaper prices. You can move away and talk to someone else, it is still however there.
It is going to hang over our head like an obnoxious uninvited guest. The debt is real, there has been a sizeable write off already.
It is easy to get elected on the basis that I make promises, implementing them always falls back to the same common denominator, do I have the funds in order to do this? The long and the short of it is that Greece are on a deadline, if they think that the Russians or the Chinese have their best interests at heart, I would think again. Most especially when the state has made promises to the electorate who may, or may not understand how government finances work, and suddenly they are not possible. Or their heart takes over from their head.Įither way, it is far easier to change your mind quickly relative to your personal circumstances than it is for governments to repair public finances. I often say that when people are impacted in their pockets, their head takes over from their heart. People change their minds, most especially when it does not seem to be going your way. For the Germans and the rest of the Europeans that used their tax payer money in order to cast the country a lifeline, with (let us not fool ourselves) the interests of keeping the Eurozone together, the onus is on the Greeks to make good on their promises made in tough times. That is the long and the short of it all for the Greek people. The current Greek tragedy is that the country has too much debt, the plan to pay it back is too hard and going to take too long for most ordinary citizens. Of course that takes on a new meaning as each generation goes by. As merchants were not from the upper classes they may have enjoyed wealth beyond the imagination of most, they did however not attract the class status that they desired, hence the saying money cannot buy class. The Greeks laid the foundations for democracy and most importantly for me laid the foundations for merchants, modern day business folk. Ancient Greece fascinates me, I think that my mother actually took that subject at university. Since then, thanks Sir John, the share price in Pound terms is down 93 percent." Just this morning the stock is trading in London at 163.4 pence. In December that year, the share price of Lonmin was at 5.50 pounds a share, the middle of the financial crisis. Xstrata wanted to buy all of Lonmin, back then, for 33 pounds a share. The chairman, Sir John Craven added that this was opportunistic and unwelcome. The price apparently failed to adequately reflect the true price of the company. On the 7th of August 2008, whilst the US subprime crisis was spreading and about to really get real, Lonmin rejected the Xstrata offer as wholly inadequate. Xstrata wanted to buy the entire Lonmin, that was back in 2008. "Glencore inherited this stake when they bought Xstrata in May 2013.
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