Commodities as an asset class
Making long-only investments in commodity futures came into vogue about a decade ago, based on the premise that they offered inflation protection and equity-like returns without being correlated to stock markets. On that score, this premise has certainly held true: with inflation modest, the Bloomberg Commodity Index has dropped 27 per cent in the past five years in an unflattering lack of correlation with soaring equities. Watch for more portfolio managers throwing in the towel on commodity indices and virtual silence in world capitals about problems caused by speculators.
Opec watch
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