A subscriber asked one of my colleagues yesterday when are we going to press the button and by BHP or RIO after their major correction, the answer is a touch convoluted because we run real money portfolios:
- MM is unlikely to add to our iron ore exposure because we already have a meaningful position in BHP although we have been considering Mineral Resources (MIN) over recent weeks.
- However importantly if we had no position we would be buying BHP today around the $37 level after its more than 34% correction.
MM is long and bullish BHP
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