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Commodity Investing: Maximizing Returns through Fundamental Analysis

Book Description

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 Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Contents
  5. Acknowledgments
  6. PART ONE: Basics
    1. CHAPTER 1: Introduction
    2. CHAPTER 2: Commodity Futures as Investments
      1. RETURNS
      2. HAVE COMMODITY FUTURES EARNED POSITIVE RETURNS?
      3. COMMODITY RETURNS COMPARED WITH STOCKS AND BONDS
      4. COMMODITY RETURNS COMPARED WITH COMMODITY-BASED EQUITIES
      5. CONCLUSION
      6. DATA ADDENDUM
    3. CHAPTER 3: Commodities for the Long Run
      1. DATA ADDENDUM
  7. PART TWO: Understanding Energy
    1. CHAPTER 4: Crude Oil
      1. OIL PRODUCTION
      2. PRODUCERS—OPEC AND NON-OPEC
      3. HUBBERT'S PEAK
      4. RESERVES
      5. CONSUMPTION
      6. PHYSICAL CRUDE AND REFINING
      7. FUTURES
      8. PRICE HISTORY AND MARKET REPORTS
      9. ALTERNATIVE ENERGY SOURCES
      10. ADDITIONAL SOURCES OF INFORMATION
    2. CHAPTER 5: Heating Oil
      1. PRODUCTION AND STORAGE
      2. CONSUMPTION
      3. FUTURES
      4. PRICE HISTORY AND MARKET REPORTS
      5. HEATING OIL VERSUS NATURAL GAS
      6. ALTERNATIVE ENERGY SOURCES
      7. ADDITIONAL SOURCES OF INFORMATION
    3. CHAPTER 6: Gasoline
      1. THE RECENT CHANGES—RFG TO RBOB
      2. ETHANOL
      3. PRODUCTION AND STORAGE
      4. CONSUMPTION
      5. FUTURES
      6. PRICE HISTORY AND MARKET REPORTS
      7. SUBSTITUTES
      8. ADDITIONAL SOURCES OF INFORMATION
    4. CHAPTER 7: Natural Gas
      1. PRODUCTION—CONVENTIONAL AND UNCONVENTIONAL
      2. LIQUEFIED NATURAL GAS
      3. NATURAL GAS PROCESSING
      4. RESERVES
      5. STORAGE
      6. CONSUMPTION
      7. FUEL SWITCHING
      8. FUTURES
      9. PRICE HISTORY AND MARKET REPORTS
      10. ADDITIONAL SOURCES OF INFORMATION
  8. PART THREE: Understanding Grains and Oilseeds
    1. CHAPTER 8: Corn
      1. PRODUCTION
      2. CONSUMPTION
      3. STORAGE AND THE COST OF CARRY
      4. FUTURES
      5. PRICE HISTORY AND MARKET REPORTS
      6. ADDITIONAL SOURCES OF INFORMATION
    2. CHAPTER 9: Wheat
      1. PRODUCTION
      2. CONSUMPTION
      3. STORAGE
      4. FUTURES
      5. PRICE HISTORY AND MARKET REPORTS
      6. ADDITIONAL SOURCES OF INFORMATION
    3. CHAPTER 10: Soybeans
      1. PRODUCTION
      2. CONSUMPTION
      3. FUTURES
      4. PRICE HISTORY AND MARKET REPORTS
      5. ADDITIONAL SOURCES OF INFORMATION
  9. PART FOUR: Understanding Livestock
    1. CHAPTER 11: Hogs
      1. RAISING HOGS
      2. PROCESSING HOGS
      3. FUTURES PRICE, THE HOG CYCLE, AND MARKET-MOVING EVENTS
      4. CONTRACT DETAILS
    2. CHAPTER 12: Cattle
      1. RAISING CATTLE
      2. PRODUCTION, CONSUMPTION, AND TRADE
      3. FUTURES PRICES AND MARKET MOVING EVENTS
      4. CONTRACT SPECIFICATIONS
  10. PART FIVE: Understanding Industrial Metals
    1. CHAPTER 13: Copper
      1. PROCESSING AND PRODUCTION
      2. CONSUMPTION
      3. STOCKS
      4. FUTURES PRICES AND MARKET-MOVING EVENTS
      5. CONTRACT DETAILS
    2. CHAPTER 14: Aluminum
      1. PROCESSING AND PRODUCTION
      2. CONSUMPTION
      3. STOCKS
      4. FUTURES PRICES AND MARKET MOVING EVENTS
      5. CONTRACT DETAILS
    3. CHAPTER 15: Zinc
      1. PROCESSING AND PRODUCTION
      2. CONSUMPTION
      3. STOCKS
      4. FUTURES PRICES AND MARKET-MOVING EVENTS
      5. CONTRACT DETAILS
  11. PART SIX: Understanding the Softs
    1. CHAPTER 16: Coffee
      1. HISTORY
      2. PROCESSING
      3. COFFEE PRODUCTION
      4. COFFEE CONSUMPTION
      5. FUTURES, FUTURES PRICE HISTORY, AND MARKET-MOVING EVENTS
      6. ADDITIONAL SOURCES OF INFORMATION
    2. CHAPTER 17: Sugar
      1. PRODUCTION
      2. CONSUMPTION
      3. GOVERNMENT SUBSIDIES
      4. FUTURES
      5. PRICE HISTORY AND MARKET REPORTS
      6. ADDITIONAL SOURCES OF INFORMATION
    3. CHAPTER 18: Cocoa
      1. HISTORY
      2. PROCESSING
      3. COCOA PRODUCTION AND CONSUMPTION
      4. FUTURES, PRICE HISTORY, AND MARKET-MOVING EVENTS
      5. ADDITIONAL SOURCES OF INFORMATION
    4. CHAPTER 19: Cotton
      1. PRODUCTION
      2. CONSUMPTION AND TRADE
      3. FUTURES
      4. PRICE HISTORY AND MARKET REPORTS
      5. ADDITIONAL SOURCES OF INFORMATION
  12. PART SEVEN: How to Invest
    1. CHAPTER 20: Some Building Blocks of a Commodity Futures Trading System
      1. THE FUTURES CURVE
      2. TREND FOLLOWING
      3. ANCHORS
      4. BUILDING A SIMPLE TRADING SYSTEM
      5. RISK CONTROL
    2. CHAPTER 21: The Rise of the Indexes
      1. THE RISE OF THE INDEXES
      2. HISTORY OF THE INDEXES
      3. INDEXES COMPARED
      4. A ROUGH DECOMPOSITION OF S&P GSCI RETURNS
      5. NEWER COMMODITY INDEXES
      6. COMMODITY TRADING ADVISORS
      7. EQUITY MARKET COMMODITY EXPOSURE
      8. INDIVIDUAL EQUITIES
      9. MUTUAL FUNDS
      10. EXCHANGE TRADED FUNDS
      11. CONCLUSION
    3. CHAPTER 22: Conclusion
  13. APPENDIX: The London Metal Exchange
    1. LME OVERVIEW
    2. TRADING DETAILS
  14. Notes
    1. CHAPTER 2
    2. CHAPTER 3
    3. CHAPTER 4
    4. CHAPTER 5
    5. CHAPTER 6
    6. CHAPTER 7
    7. CHAPTER 8
    8. CHAPTER 9
    9. CHAPTER 10
    10. CHAPTER 11
    11. CHAPTER 12
    12. CHAPTER 13
    13. CHAPTER 14
    14. CHAPTER 15
    15. CHAPTER 16
    16. CHAPTER 17
    17. CHAPTER 18
    18. CHAPTER 19
    19. CHAPTER 20
  15. References
  16. About the Authors
  17. Index