The market has been running hot for a year or two on these higher commodity prices, but it's not all good. There are repercussions from higher commodities prices as well that investors have yet to take full account of.

The earnings reports have spin offs for stocks globally. The U.S. economy is the cornerstone of global growth and aspects of it are worrying.

All traditional media is looking into new areas, trying to see whether they should grow through acquisitions. Fairfax is trying to grow the business at top price.

You've got a strong asset with monopoly-like characteristics that is not financially burdened with debt so it has a lot of flexibility to grow the business. There's definitely demand for an investment like this. If it's a good price, we'll certainly try and get a stake.

If you remove the regulatory hurdle it paves the way for Toll to financially engineer how they can complete it. A higher cash component would definitely lure them across the line.

It's not always a good thing for Australian stocks when commodities prices go up. I look at the U.S. picture first when I make decisions because the market is so huge and has a global spin-off on stocks.

These types of assets don't come up every day.

It was a good result considering the environment of higher costs being faced by miners.

Stocks are running out of steam. Investors want to invest, but they're running out of ideas with prices at these levels.

At face value, Patrick shares should start higher. The question is whether the new Toll entity gets a re-rating in the market after the acquisition on synergy benefits, or whether debt levels will be a bigger concern.