It’s all very well SABMiller’s board turning down a bid from AB InBev of £42.15 since the price languishes at £36.55. I doubt the SAB shareholders will take kindly to this. So SAB is a clear buy here. The deal will take months to clear through various jurisdictions. But the outcome will be the same.
Elsewhere, the chairman has got me to buy gold at $1,150 and I am long AUD/USD at 0.72013.
Finally, it is possible that the junior oils have bottomed. I should jolly well hope so since they can hardly go much lower. And, then again, perhaps they can.