I have made no secret of the fact that I do not admire the aluminum business model in general and at Alcoa, specifically. It is not an insight that I can take credit for. A few years back, I stumbled upon the Credit Suisse century in review white paper that discussed the best and worst investments that could have been made between 1901 and 2012. It taught me that vice is much more lucrative than even the people who know those industries make a killing give it credit for–receiving tobacco and beer dividends for decades on end has been one of the surest ways to increase your standard of living through passive investments.
But it has also taught me to avoid the shipbuilding and aluminum industries altogether. Silence of the Lambs has gotten nothing on the horror these two sectors have inflicted on their shareholders over the years. With aluminum … Read the rest of this article!