Noble Group's Elman Has Nothing to Offer But Blood and Sweat

Noble Group Ltd. founder and Chairman Richard Elman, with more than five decades of experience in commodities, said that you simply can’t tell when raw material markets are turning, evoking wartime British prime minister Winston Churchill to help make his point.

“We all know commodities are cyclical, but predicting when that turning point comes is only possible with hindsight, especially with such excessive moves,” Elman said in the Hong Kong-based company’s annual report, which was received on Tuesday. “Those who come hoping for some kernel of wisdom leave disappointed when I tell them that I don’t know how all the different factors will play out -- nor does anyone else.”