New book by Alan Futerman e Ivo Sarjanovic

“Commodities as an Asset Class”

Habemus tapam! 😀
To be published Nov 23rd

« Their book is an essential reference for monetary economists and macroeconomists, and also for those who deal practically and frequently in real world financial markets. »
From John B. Taylor’s foreword.
John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford’s Hoover Institution

“All my trading career I have heard that commodities are a good hedge against inflation. It was something that no one ever questioned. Now, in this excellent study, the authors do exactly that. They find that, as is sometimes the case, collective wisdom is flawed. Commodities are not as good an inflation hedge as you might think. I recommend this book to financial professionals and investors who are looking to protect themselves against inflation. As always, keep an open mind and question everything.”
Jonathan Kingsman – Author of various books on agriculture commodities and blogger in Commodity Conversations

« For the entire careers of most finance professionals in developed economies, inflation remained theoretical and, if present, transitory and specific. In a globalized world, Asian factories met every consumer demand, while technology boosted everything from outputs to yields. Suddenly, the economic sickness of high inflation is stalking every economy. And with that, finance professionals and pundits have dusted off the playbook and are again heralding commodities as the great protective hedge. But is it? Mr. Sarjanovic and Mr. Futerman’s book is a timely, clear-eyed analysis of this heuristic judgement, demonstrating that the commodity-inflation correlation is far more complex and not necessarily the universal panacea being promoted. On a micro level, the tools and products for passive investment in commodities bare hidden costs in their structure which can defeat their purpose. On a macro level, commodities follow their own cycle, driven by investment and GDP growth, and in this great oscillation not all commodities follow the same path. And lest we forget, we are at the start of a structural revolution as great as the industrial revolution – energy transition – which will fundamentally reshape the world’s commodity basket. Who can say how that will play out? A tour de force – crucial reading for commodity and investment professionals alike.”
Paul Chapman – Host of the HC Insider Podcast

“A powerful and timely treatment of commodities market trading in an age of renewed inflation. Meticulously researched and supported by strong empirics, this book makes clear that traders, financial analysts and investors must work hard to engage with market fundamentals and should recognise that commodities are not always a good inflation hedge. Commodities as an asset class is an important and highly recommended text on commodities market trading.”
Professor Kevin Dowd – Durham University Business School