Getting our email cherry popped by Elliott Management's Michael "McDreamy" O'Looney this week got us to thinking once again about the New York hedge fund's attack on BHP. What's in it for them, other than great publicity to get more billions pouring in its funds.

To our eye, it seems there's less and less in it for Elliott. Far from the initial gain they would have made as their activism pushes up the BHP share price, we hear Elliott might now be sitting on a bit of a loser. Not that they have much skin in the game to lose.