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commodities for dummies phần 3

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Whoa! Không có cuộc biểu tình trong hợp đồng gia súc sống tương lai. Như một vấn đề của thực tế, nó không giống như có bất kỳ mối tương quan giữa gia súc sống và cà phê hoặc. Hiệu suất như vậy là đa dạng các mặt hàng đại diện dường như không có mối quan hệ với nhau. | Chapter 4 Get Ready to Rumble Commodity Bulls vs. Bears 55 Whoa No rally in the live cattle futures contract either. As a matter of fact it doesn t look like there s any correlation between live cattle and coffee either. The performance is so varied that these four representative commodities seem to have no relation to each other. Even their risk profiles seem very different live cattle is a lot more volatile than the other three. And this is the point that I want to make The performance of each individual commodity varies dramatically from the performance of other commodities. If commodities moved in lock step then the live cattle and coffee markets would be experiencing the same rally as crude oil and gold. But they don t because the markets are a lot more nuanced than that. Always keep this diverging performance among individual commodities in mind particularly when folks start talking about commodities as an asset class. However there are benchmarks that attempt to capture the performance of commodities as an asset class. These benchmarks known as commodity indexes are similar to the Dow Jones Industrial Average or other market benchmarks that track the performance of a group of securities. Like the commodities markets themselves these benchmarks are varied in terms of both the commodities they track as well as their construction methodologies. Some indexes are overweight specific sub-asset classes such as energy while others follow an equal weight strategy. 56 Part I Commodities Just the Facts_ These indexes which I discuss extensively in Chapter 7 do their best to provide a big picture of what the commodities markets are doing. However because of the index component selection construction and rolling methodologies rebalancing features and other external variables these indexes fail to provide a complete picture of what the markets are doing. Take the Reuters Jefferies Commodity Research Bureau Index widely viewed as the .