Glencore

David Herro, head of international stocks at Harris Associates, boosted his stake in
Glencore Plc in the third quarter, saying the shares were undervalued. So far, the
investment has flopped.

Herro, who manages the $27 billion Oakmark International Fund, told Bloomberg in
August that he was making a long-term investment in Glencore because “the business at
this price is substantially undervalued.

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Commodities may be in
the fourth year of a 20-year “bear
super-cycle,” according to an Aug. 14
research note. The analysts looked at
commodity busts dating to the 18th
century and found them driven by factors
such as market momentum rather than
fundamentals

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After a failed Arctic exploration
campaign that cost $7 billion and was
targeted for years by environmentalists,
Shell will be forced take financial charges
related to the Alaskan operations, which
carry a value of about $3 billion, with
additional contractual commitments of
about $1.1 billion.

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According to a 2013
investigation by the Financial Times, the
trading companies reaped $250 billion in
profit in the preceding decade, more than
Goldman Sachs, JPMorgan Chase