Q4 2022 Update

OVERVIEW The third quarter began with a broad rebound in risk assets. The global equity market regained +13% from its June lows by mid-August. However, sentiment turned again and markets have been volatile since. Year-to-date the global stock market is down near-26%. Emerging markets fared worse, down close to -28%. The losses are broad even … Continue reading Q4 2022 Update

Cold, Hard, Commodities

The broad commodity markets have been uneventful over the past two years.  While some commodities have outperformed others, and windows of volatility may have been good for trading, the broad commodity markets ended up down in both 2011 and 2012.  That being said, commodities should be attractive from a long-term perspective.  The reasons are straightforward.  Natural resources like oil, metals, … Continue reading Cold, Hard, Commodities

Kicking the Wheel

Traditionally, commodities were a difficult asset class for individual investors to access.  For most people, it just wasn't practical to trade futures or to take physical delivery of oil barrels.  As a result, the primary investors were the very wealthy, institutions, and companies that had commercial needs for the commodities.  This shut out the average investor from a market that could provide strong returns and low correlations with other asset … Continue reading Kicking the Wheel