Iron ore miner profits are still stuffed (members)

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In 1987, following the sharemarket crash, I approached my grandpappy, who was a cunning businessman with a large share portfolio, and asked him how depressed he was feeling about his lost wealth. He laughed long and loud.

“Share market crash” he guffawed. “My boy, that’s for the birds.”

He was a long-term investor, you see, and such gyrations were mere amusements to him. His portfolio boomed and boomed in subsequent years and he kept laughing.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.