Guest post: Fortescue — A Lesson in Volatility for Value Investors by Jonathan Rochford, CFA Portfolio Manager of Narrow Road Capital Pty Ltd When I started Narrow Road Capital in 2012 many people would question why an Australian credit manager was so negative about lending to commodity-linked companies. Australia has a plethora of miners so why wouldn’t I want to lend to at least some of those? The journey that Fortescue has been on highlights why volatile businesses are generally not good credit investments, even when they might be great equity investments. Fortescue: Unpredictable Over the last year, the iron…
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