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.
Table of Content
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
About the author
ADAM DUNSBY is a principal at Cornerstone Quantitative Investment Group. He received both his undergraduate degree and Ph D 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 Ph D in economics from Stanford. After receiving his Ph D, 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 Mc Kinsey & 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.
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