Noble-Iceberg saga lessons: Part 2

FEW in the market might remember this, but when research firm and self-proclaimed whistle-blower Iceberg Research first took aim at commodities firm Noble Group back in February 2015, Noble's shares traded at S$1.20 apiece versus Iceberg's target price of S$0.10, a level that many dismissed as pure fantasy at the time.

Fast forward 27 months and after adjusting for Noble's recent 10-to…