BHP Billiton: Result 2016

This result illustrates a longstanding truth about BHP: great assets, poor allocation.

We’ve long argued BHP Billiton’s weakness has historically been management, not mines – and there was plenty of evidence to back up that theory in its 2016 full-year result.

The US$6.4bn headline loss streamed across newspaper front pages is a big, bad number, but it’s one that reflects past mistakes of capital allocation rather than failings of asset quality.

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