The Commodity Complex is Getting Decimated by Bryce Coward, Gavekal Capital
As we look at our screen today we see basically all commodities down between 1-2%, but this is just the continuation of a much longer-term trend. Indeed, economically sensitive commodities like copper, crude, natural gas and aluminum (charts below) are all plumbing/trying to plumb new cycle lows and we’re six years into the expansion! In the table below we also show the performance of various commodities over the last year. The only commodity in our table that is positive on the year (through June) is wheat, and it is only up 9%. The S&P Commodity Index is down a cool 33% with the most economically sensitive commodities down the most.
Top value fund managers are ready for the small cap bear market to be done
During the bull market, small caps haven't been performing well, but some believe that could be about to change. Breach Inlet Founder and Portfolio Manager Chris Colvin and Gradient Investments President Michael Binger both expect small caps to take off. Q1 2020 hedge fund letters, conferences and more However, not everyone is convinced. BTIG strategist Read More