E Cassandra Is Silent

Greencore of Ireland, which makes ready meals, gained 0.19%.

Mexican bakery MNC Grupo Bimbo lost 0.56%. This is the one you do not sell because of fear of Andres Manuel Lopez Obrador.


Vale made a new 52-wk high Friday as attention focused on non-Chinese steel demand, including some from US infrastructure spending.

Under a new name, GMK Norilsky Nikel PAO, NILSY, lost 9% today, probably because of attacks on Oleg Deripaska by the anti-Putin Russian banned candidate, Alexei Navalny. It is at a p/e ratio of under 14x and yields 5.4%. I bought more at $19.35, a limit order put in (pun) before the slide Friday.

Antofagasta lost 0.41% Friday. Copper miner ANFGF of Chile has its primary listing in London.

SoQuiMich of Chile fell Friday, down 2.54% to $54.51. It is trying to get an investor to satisfy anti-trust demands from India and China. It mines potash and lithium. Nutrien, the Canada seller, is down only 0.75%. NTR is the one selling SQM shares.

And Argentina lithium miner Orocobre is down 0.64% perhaps because of the stronger yen. It holds its AGM down under on Feb. 26. Toyota of Japan is a minority shareholder.

In the oilpatch

BP is gaining market share with its new networks of gas stations in Mexico for a surprising reason, according to Eduardo Garcia writing in www.sentidocomun.com.mx which he edits. Unlike service stations run by Pemex, the government oil company, the BP ones give those filling their tanks the full measure of the gasoline they pay for in Quartero state. The same thing happens at Total or Exxon stations. But Pemex which used to have a national monopoly does not give the posted amount of gas for your Mexican pesos. Monopolies cheat. We trade newsletters with Eduardo.

As Colombia moves toward the first election in which former guerillas may run for office, note that the Ecopetrol Cano Limon oil pipeline has been shut because of a terrorist attack by the ELN, the fight-on guerillas, for 38 days. EC fell 2,5%


Baillie Gifford of Britain is launching a new investment trust to buy both listed and unlisted US company participation in pursuit of long-term capital growth. In theory US retail investors may buy UK Investment Trusts which trade like closed-end funds. Watch this space.

Aberdeen Chile Fund, into which a whole lot of emerging markets funds will be combined, is down 0.86% Friday, perhaps because of problems with the amount its parent manages (cf above) or maybe because of something Chilean. Its latest merger move is on GRR, the Asian Tiger fund. I'll miss that one although Asian tigers flopped in the 1990's.

Mexican Equity & Income Fund, MXE, doing a buyback, rose a half percent today. Its NAV may have gone up.

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