April 1, 2023
The World for Sale: Money, Power, and the Traders Who Barter the Earth’s Resources
Javier Blas and Jack Farchy
For those investors following Glencore’s attempted hostile takeover of Teck Resources and who want to learn more about the history of the industry, we highly recommend this book. The authors trace these “swashbucklers of global capitalism” back to the beginning and Marc Rich’s start at Philip Brothers in 1954. Fast forward 40 years and Marc Rich + Co. (for a deeper look at Mr. Rich and how he essentially created the spot market for oil in the 1970s, we also enjoyed The King of Oil) becomes Glencore in 1994 and mints at least seven billionaires through its 2011 IPO (less than half of the 14+ billionaires inside privately held Cargill). It is a fascinating look at this small, secretive group of ambitious traders that seek out inefficiencies in the global commodity markets for profit.