John Stephenson Glencore GLEN-LN DON'T BUY Oct 13, 2015

A bit of a black box. If you are looking for commodity exposure you may do ok, but there are others. It lacks transparency. Prefers others.

They are working hard to restructure their debt. It fell in September due to worries their derivative exposure would take them down. He would focus viewers on LUN-T and HBM-T.

It has not been without its volatility. They deleveraged in Jan/Feb this year. They continued deleveraging and if you look at them now they are one of the more unique global diversified resource plays. They are trying to conserve cash, pay off debt and sell non-core assets.

Had a near-death experience because of debt, and it took a change in commodity prices for it turn. If bullish on industrial commodities, this is one you could continue to own. Has a lot of hidden assets.

Trades on the Pink Sheets, which can be very expensive. He says 40-42% of the EBITA is exposed to batteries. He has generally been under weighted in materials as the sector has underperformed. He would give this time to watch. He likes the house, just not the neighbourhood.

First, the deal needs board approval, then Ottawa's approval. He doesn't buy commodities. GLEN has a (dirty) thermal coal business and Teck has a coal-for-steel business. Teck feels (and he agrees) that it doesn't make sense to combine these two coal businesses.