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Commodity index advocates stick to their guns
Ten years after publishing an influential paper that fuelled the commodity investment boom, Yale professors Gary Gorton and K Geert Rouwenhorst have revisited their study and found their arguments still "largely hold up". But critics are quick to disagree
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The year 2015 has proved to be something of an annus horribilis for investors in long-only commodity index products. As prices for commodities such as crude oil, copper and gold have tumbled in recent months, broad indexes such as the S&P GSCI and the Bloomberg Commodity Index have hit their lowest levels in more than a decade.
So it may come as a surprise that two of the original evangelists of the commodity index boom of the 2000s – Gary Gorton and K Geert Rouwenhorst, now both finance
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