Key point: Potash is the low cost producer and its mines are virtually impossible to replicate.

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For Chapple-Hyam it was really a day of redemption after having hit the heights with Dr Devious and other classic winners he opted to leave for Hong Kong, which was a low point in his career and he decided on a low key return to Europe.

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Most of these rationales for low taxes on people like Mitt Romney are wrong or overstated, and they miss a key point: taxing capital gains at much lower rates than other income creates a ginormous loophole that leads to a tremendous amount of inefficient tax shelter activity.

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