In 2004, Frank Holmes, chief executive of Texas-based US Global Investors was bullish steel. He realised that the combination of increasing demand for oil from China, and the phasing out of single-hulled tankers, was going to create a demand for new oil tankers. So he bought a million shares in steel company Algoma Steel Inc. at $3 a share, selling them once they’d reached $30 a share.
This tidy $10 million was secured due to Holmes’ understanding of the energy market, and the inter-relation
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