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© Igor Groshev

When news broke last week that Port of Melbourne (PoMC), Australia’s flagship port authority, was sold to a group of international investors, Victoria Treasurer Tim Pallas told news agency Reuters that “equity markets are starting to realise that they’re going to live in an environment where returns are going to be lower for longer, and they’re looking for secure investments.”

The implication of this is that in a world where several asset classes are seriously overpriced, financial engineering could do the trick.

So, the Lonsdale consortium, which comprises several ...

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