What is the effect on portfolio returns when the commodity futures market as a whole is in backwardation or contango during recessions and during unexpected inflation?
What is the best way to hold more traditional stores of value, such as gold? Mark Harrison, CFA, and Keyur Patel explore the question in the latest edition of the In Practice series.
The irresistible demand of public opinion has forced universal male suffrage, women’s suffrage, prohibition (and its repeal), civil rights, and anti-tobacco laws. Sugar may be the next big crusade. Investors should keep this in mind when looking at food companies and pharmaceuticals.
The author focuses on market dislocation issues that make commodities different from other asset classes, looking at the market’s dynamics through the four major forces that influence the commodity landscape. He examines long-term issues and takes the discussion of commodity markets beyond the typical focus on financial pricing models, emphasizing instead the larger competitive forces of supply and demand.
David-Michael Lincke, CFA, said that commodities continue to offer many investors meaningful benefits through diversification, inflation protection, and absolute returns.
The key to success for emerging markets is to reform institutions to compete for talent and capital on a global scale, according to Martyn Davies. Diversification is not a policy, but a “people-driven initiative” about attracting skilled workers and intellectual property.
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