Goldman says short as MCA condemns Forrest

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If you wait long enough in this life you’ll see everything and today I am in the astonishing situation of agreeing with the Minerals Council of Australia and its chief Brendan Pearson, responding to Andrew Forrest’s morning media assault, from the AFR:

…”It would represent a giant free kick to Australia’s competitors,” Mr Pearson said. “Hard-earned Australian market share in the seaborne iron ore trade would be given up.

“Export dollars that would have flowed to Australia would instead go to Brazil and other iron ore exporting nations. And one thing we know from commodity markets is that once given up market share is very difficult to win back.

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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.