Chapter6大宗商品概览.pptVIP

大宗商品、股票与债券的累计表现1970年12月 = 100 大宗商品现货价格与通胀按1800－2010年间通胀目标制 1800－2010年间真实大宗商品现货价格 1914－2010年间真实大宗商品现货价格 可再生与非可再生能源价格 * 2000＝100 2000＝100 * * 1. Introduction ? 1.3 Types of Derivatives * * * Understanding Futures Markets Chapter 1 * Understanding Futures Markets Chapter 1 * * * About 8 years ago, Gary Gorton and I wrote a paper on commodity futures investing that among other things concluded that diversified portfolios of commodity futures could be used to diversify traditional portfolios of stocks and bonds, And that commodities had better inflation correlation properties than traditional