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.
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Editorial Reviews
From the Inside Flap
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.
From the Back Cover
Praise for Commodity Investing
"Luck and skill are two key elements in successful trading. The authors can't do anything for your luck, but they think and write clearly both about the way commodities markets really work and about the way futures markets for those commodities behave. This book will be an excellent resource for those who are drawn to these markets."
—Galen Burghardt, Senior Vice President, Director of Research, Calyon Financial
"Adam Dunsby [et al.] is well organized, rich in information, and eminently readable. Combining a comprehensive primer to the fundamentals of commodity markets, thoughtful and sophisticated considerations for developing systematic trading methods, and invaluable reference material, it will certainly be on the compulsory reading list for Aspect's research team."
—Martin Lueck, Director of Research, Aspect Capital Ltd
"At last, a refreshingly insightful and easy-to-read analysis of that very latest of investment crazes on Wall Street—commodities! The authors dare to challenge conventional wisdom and view this asset class through the prism of long-term, inflation-adjusted economic data, reaching the sobering conclusion that the historic price action of so-called non-renewable commodities may not be quite what the Malthusians of our day would have the public believe! This is a must-read for any person (be it for themselves or on behalf of an institution) who is giving consideration to making an investment in the commodities markets."
—Alex Ladouceur, Chief Executive Officer, Global Commodities Group, Prudential Financial
Investing in commodities has swelled dramatically in recent years, but information associated with this market has not followed suit.
That's why Adam Dunsby and his colleagues at Cornerstone Quantitative Investment Group (CQIG)—a leading commodity trading advisor—have created Commodity Investing. Filled with in-depth insights and expert advice, this book puts commodity futures investing in perspective and prepares you for what should be expected each step of the way.
Information outlined throughout these pages will allow you to excel within this arena. Some of the issues addressed include:
The building blocks of a commodity trading system
The essential aspects of various commodities such as natural gas, wheat, aluminum, and sugar
Commodity returns over the recent period of modern financial markets
And much more
You don't need to be a financial professional to be a successful commodities investor, but you do need to be prepared. With Commodity Investing as your guide, you'll gain a solid understanding of this investment vehicle and quickly discover what it takes to make it in this market.
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Customer Reviews
Most Helpful Customer Reviews
10 of 10 people found the following review helpful
Format:Hardcover
It isn't easy to write a book about investing in commodities---the topic can seem simple but can quickly become quite complex. The authors have done a very good job. My only criticism is that I would have liked to have seen more on ETFs and strategies for trading commodities (collars, swaps, etc). But it is probably best that the authors kept it simple enough to inform without causing confusion. It makes an excellent desk reference for someone wishing to learn more about commodities.
8 of 8 people found the following review helpful
Format:Hardcover
This book is a well-written introduction. The authors state their biases; are explicit and up-front about what they omit; and, offer some information available in no other books. Overall, it is a great addition for quantitative practitioners, sharp MBA students, and PhD students seeking a market primer.
Some chapters are wonderful: concise while conveying the rich intricacies of a particular market. A unique benefit: the authors focus on data coherency. Issues which affect historical analysis (like contract redefinitions) are routinely mentioned. I've seen no other book that addresses such issues consistently.
Unfortunately, some chapters feel pro forma. Did one of the authors slack off on researching and writing? I don't know, but the other chapters are good enough that the difference is noticeable. Also, while I respect the decision to omit some markets (such as gold), that denies the reader a complete perspective.
The tone is that of an academically-trained practitioner: perfect, in my opinion for those who are quantitatively aware (but might not be quants). I'd also suggest the CBOT Handbook and Kolb and Overdahl's book on futures markets. For true quants, Geman's book on commodities is also an excellent companion.
Some chapters are wonderful: concise while conveying the rich intricacies of a particular market. A unique benefit: the authors focus on data coherency. Issues which affect historical analysis (like contract redefinitions) are routinely mentioned. I've seen no other book that addresses such issues consistently.
Unfortunately, some chapters feel pro forma. Did one of the authors slack off on researching and writing? I don't know, but the other chapters are good enough that the difference is noticeable. Also, while I respect the decision to omit some markets (such as gold), that denies the reader a complete perspective.
The tone is that of an academically-trained practitioner: perfect, in my opinion for those who are quantitatively aware (but might not be quants). I'd also suggest the CBOT Handbook and Kolb and Overdahl's book on futures markets. For true quants, Geman's book on commodities is also an excellent companion.
11 of 13 people found the following review helpful
Format:Hardcover
It's a good fundamental primer on most of the products in the commodities markets, discussing the supply and demand characteristics of the underlying products. It doesn't spend much time on trading or technical characteristics - the book is clearly aimed at introducing traders to the products they're actually trading, to the extent traders find that necessary. Useful discussion of energy products, crack spreads, as well as ethanol and agricultural products.
However, its fairly obvious that the authors were torn between writing a more academic study of the markets versus something more accessible to layman traders not generally known for their perusal of Financial Analysts Journal. Still, it was a bit jarring to read paragraphs that had both academic citations and 7 word sentences. It was as if there was a bit of a war between making it as simple as possible and trying to include important previous work in the field.
Overall, its a helpful overview to understand what drives the fundamentals of each market. While trading clearly requires a combination of both fundamental and technical considerations, the fundamental side tends to be oversimplified to the extent that its a question of whether its the fundamentals or the perception of those fundamentals which matters. But that's why you can't ignore price.
However, its fairly obvious that the authors were torn between writing a more academic study of the markets versus something more accessible to layman traders not generally known for their perusal of Financial Analysts Journal. Still, it was a bit jarring to read paragraphs that had both academic citations and 7 word sentences. It was as if there was a bit of a war between making it as simple as possible and trying to include important previous work in the field.
Overall, its a helpful overview to understand what drives the fundamentals of each market. While trading clearly requires a combination of both fundamental and technical considerations, the fundamental side tends to be oversimplified to the extent that its a question of whether its the fundamentals or the perception of those fundamentals which matters. But that's why you can't ignore price.
Most Recent Customer Reviews
Their Fund Went Bust
You guys ARE aware that the authors had a hedge fund named Cornerstone that went bust, right?
Published on February 9, 2010 by vonhayek
coverage of natural gas is badly outdated
Overall, the book does a good job of describing the commodity markets from a fundamentals viewpoint, and geared towards an American investor. Read more
Published on May 24, 2009 by W Boudville
Does not justify the high price
I bought this book because most of the ones I found online seemed to lack credibility, with titles like "How to Double Your Money Overnight in Commodities!". Read more
Published on March 21, 2009 by Community Member
Disappointing
The book presents a broad introductory overview on the key commodity markets.
There is very little in there that can't be found easily on the Internet. Read more
There is very little in there that can't be found easily on the Internet. Read more
Published on October 1, 2008 by Benedict J. P. Goette
Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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total returns, crude oil curve, lean hog contract, soy complex, heating oil market, gasoline futures contract, futures curve, physical corn, unproven reserves, dump market, commodity portfolio, zinc prices, shipping certificates, normal backwardation, marketing year, arithmetic returns, lean hogs, crude oil contract, tick size, commodity investing, heating oil futures, tick value, stocks usage, commodity returns, flexible fuel vehicles Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Commodity Futures Trading System, World Bureau of Metal Statistics, European Union, The Rise of the Indexes, Foreign Agricultural Service, Energy Information Administration, New York Mercantile Exchange, Intercontinental Exchange, Chicago Board of Trade, Bonds T-Bills, Gulf of Mexico, South Korea, Corn Belt, Department of Energy, Commodity Trading System, Department of Agriculture, New York Board of Trade, Soviet Union, Deutsche Bank, International Energy Agency, East Asia, South America, World War, Goldman Sachs Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
total returns, crude oil curve, lean hog contract, soy complex, heating oil market, gasoline futures contract, futures curve, physical corn, unproven reserves, dump market, commodity portfolio, zinc prices, shipping certificates, normal backwardation, marketing year, arithmetic returns, lean hogs, crude oil contract, tick size, commodity investing, heating oil futures, tick value, stocks usage, commodity returns, flexible fuel vehicles Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Commodity Futures Trading System, World Bureau of Metal Statistics, European Union, The Rise of the Indexes, Foreign Agricultural Service, Energy Information Administration, New York Mercantile Exchange, Intercontinental Exchange, Chicago Board of Trade, Bonds T-Bills, Gulf of Mexico, South Korea, Corn Belt, Department of Energy, Commodity Trading System, Department of Agriculture, New York Board of Trade, Soviet Union, Deutsche Bank, International Energy Agency, East Asia, South America, World War, Goldman Sachs Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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