David Herro, chief investment officer of international equity at Harris Associates, explains why the strong fundamentals of Intesa Sanpaolo SpA represent a buying opportunity. He speaks with Bloomberg’s David Westin on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)
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Harris Associates’ David Herro Examines Glencore’s Fundamentals
David Herro, chief investment officer of international equity at Harris Associates, examines Glencore’s fundamentals. He speaks with Bloomberg’s Alix Steel on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)
David quickly Glencore you got some lawsuits over there you have to make military rescue a subpoena. Do you own weakness.
You do. You do have some of these again broader issues but when you look at the fundamentals of Glencore what's happening with the exception of copper you've had really strong commodity prices and a lot of their key areas of output coal zinc nickeletc. have been doing while they're trading operation continues to do well and more importantly remember the fears of three years ago of Glencore was the balance sheet. The balance sheet is extremely strong. Today you see just in the double digits of net debt and 7 or 8 billion ofD.A so a very strong balance sheet good commodity prices a good trading operation we think we'll get through these legal issues. We think of Glencore as an extremely attractive stock at these prices.