Fortescue rows manfully into the gale

Advertisement

Fortescue’s half year profits are out:

Captureegfheg

No real surprises. Still doing a great job of plowing into the mounting oncoming swells. I am a particular fan of its strategy of being short its own debt! Though I expect it to be able to pay less off this year as the cost curve shunts towards its breakeven.

Alas, doom still awaits.

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.