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NYSE:VALE
It's a multi-year move--a long-term investment--though he prefers Cleveland Cliffs. He recommends VALE.
This is a Brazilian company, very big in iron ore. They own Inco in Canada. He got out when the Brazilian government said that it wanted to get involved in Vale’s operations. As long as the Brazilian government has a major say in Vale, they will be looking out more for Brazil and less for the shareholders. He will not invest under such circumstances.