Tuesday, December 3, 2013

What's happening out there in the world?

Here's some stuff and junk to read:

Bespoke - overbought pullback. While $VIX is rising, there seems to be no freakiness in the term structure as of yet, so I guess people are just going to dump for a few days in anticipation of blah blah Federal Reserve.

Mineweb - gold mining executives come under fire. An article about various people openly criticizing the people who run gold companies. Surprisingly no mention of the mine engineers, who have no clue how to build a mine on time and under budget, or the P.Geos who have no clue how to properly interpret drill data. But there is this gem:
Markus Bachmann, CEO at Craton Capital, [...] perhaps had the harshest words for executives.

According to Bachmann, the fellowship among, shareholders, labour, government and executives within mining generally has broken down.

To prove this point, and using the gold sector as a proxy, Bachmann showed that over the last 10 years, while shareholders have seen a 158% return, government’s over the same period have seen a 1,488% increase in their share, while the direct packages of executives have risen 1,032% over the same ten year period.

“There is a huge disconnect between the shareholders and the executives,” Bachmann said, “there is too much fat cat behavior, too much free-riding.”
I'm one of "those people" who finds it insulting to be asked to kiss up to someone, so I find the present situation of open hostility to mining execs to be frankly hilarious. I'm sure everyone will be sucking industry dicks again in just a couple years.

1 comment:

  1. Markus must be a regular reader of this, IKN and my blurb. About time someone got up and told these guys the bagholders get crumbs.