Straightforward and accessible, Commodity Investing balances academic-quality analysis with clear, compelling prose, and provides those interested in this fast-growing field with unparalleled investment insights. Page by page, you'll acquire a deeper understanding of this discipline and discover how to make more informed decisions when investing in such a dynamic environment. With this book as your guide, you'll benefit from the lessons of experienced practitioners and quickly come to grips with what it takes to make it in today's commodity market.
Autorentext
ADAM DUNSBY is a principal at Cornerstone Quantitative Investment Group. He received both his undergraduate degree and PhD in finance from the Wharton School of the University of Pennsylvania.
JOHN ECKSTEIN is a principal at Cornerstone Quantitative Investment Group. He earned a BS from Brown University, where he studied computer science and cognitive science. Mr. Eckstein developed investment application software for money management firms prior to his current position.
JESS GASPAR is the Director of Research at Cornerstone Quantitative Investment Group. He earned his undergraduate degree from MIT and his PhD in economics from Stanford. After receiving his PhD, Mr. Gaspar was an assistant professor at the University of Chicago, where he did research and taught international economics and computational methods in economics and finance. Mr. Gaspar worked at McKinsey & Co. as a consultant before joining Cornerstone.
SARAH MULHOLLAND is the head trader at Cornerstone Quantitative Investment Group. She earned a BS in economics from the Wharton School of the University of Pennsylvania. Prior to joining Cornerstone, she traded energy derivatives for Enron North America and PSE&G.
Klappentext
While commodities have been around for a long time, investors are just starting to realize their potential. But in order to achieve success in tomorrow's commodities market, you need skills and knowledge that are in short supply today.
That's why Adam Dunsby and his colleagues at Cornerstone Quantitative Investment Group (CQIG)—a leading commodity trading advisor—have created Commodity Investing. Rooted in theory, but proven in practice, this detailed guide will give you the tools you need to succeed in this challenging market.
Opening with a clear assessment of past commodity performance, this reliable resource puts commodity futures investing in perspective and prepares you for what should be expected along the way. With this information in hand, you'll be introduced to the commodities themselves and discover the state of their industries as well as their long-term outlook. Along with these big picture issues, you'll also become familiar with the nuts and bolts of numerous commodities—from oil, corn, and cattle to copper, coffee, and cotton—and learn how to effectively integrate them into your portfolio.
Based on the hard-won experiences of authors Adam Dunsby, John Eckstein, Jess Gaspar, and Sarah Mulholland, Commodity Investing explains the various components that may prove useful in either constructing an investment strategy or in evaluating a commodity-based investment strategy. It also provides important insights on trend following strategies, anchor variables, the shape of the futures curve, and risk control methodologies such as value-at-risk and maximum drawdown. Page by page, you'll acquire a deeper understanding of this discipline, which will allow you to analyze specific commodities and strategies according to their individual characteristics and make more informed decisions when investing in this arena.
Straightforward and accessible, Commodity Investing balances academic-quality analysis with clear, compelling prose, and provides those interested in this fast-growing field with unparalleled investment insights. With this book as your guide, you'll benefit from the lessons of experienced practitioners and quickly come to grips with what it takes to make it in today's commodity market
Zusammenfassung
Straightforward and accessible, Commodity Investing balances academic-quality analysis with clear, compelling prose, and provides those interested in this fast-growing field with unparalleled investment insights. Page by page, you'll acquire a deeper understanding of this discipline and discover how to make more informed decisions when investing in such a dynamic environment. With this book as your guide, you'll benefit from the lessons of experienced practitioners and quickly come to grips with what it takes to make it in today's commodity market.
Inhalt
Acknowledgments ix
PART ONE Basics 1
CHAPTER 1 Introduction 3
CHAPTER 2 Commodity Futures as Investments 9
CHAPTER 3 Commodities for the Long Run 29
PART TWO Understanding Energy 37
CHAPTER 4 Crude Oil 39
CHAPTER 5 Heating Oil 57
CHAPTER 6 Gasoline 67
CHAPTER 7 Natural Gas 79
PART THREE Understanding Grains and Oilseeds 93
CHAPTER 8 Corn 95
CHAPTER 9 Wheat 107
CHAPTER 10 Soybeans 117
PART FOUR Understanding Livestock 131
CHAPTER 11 Hogs 133
CHAPTER 12 Cattle 141
PART FIVE Understanding Industrial Metals 151
CHAPTER 13 Copper 153
CHAPTER 14 Aluminum 165
CHAPTER 15 Zinc 177
PART SIX Understanding the Softs 187
CHAPTER 16 Coffee 189
CHAPTER 17 Sugar 197
CHAPTER 18 Cocoa 207
CHAPTER 19 Cotton 213
PART SEVEN How to Invest 221
CHAPTER 20 Some Building Blocks of a Commodity Futures Trading System 223
CHAPTER 21 The Rise of the Indexes 245
CHAPTER 22 Conclusion 265
APPENDIX The London Metal Exchange 269
Notes 273
References 283
About the Authors 287
Index 289