Wasting asset

28 September 2015 By John Foley

The Swiss trader’s shares fell by a quarter after an analyst suggested its equity could be worthless. The fear rests on cataclysmic maths. But Glencore’s quirky model means its valuation is highly dependent on confidence in management – a resource that is much depleted.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.


Email a friend

Please complete the form below.

Required fields *


(Separate multiple email addresses with commas)