External Research – Price Asset Management

Research

External Research & Perspectives

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The “Roll Yield” Myth

Hendrik Bessembinder, Financial Analysts Journal/CFA Institute
February 2018

Commodities for the Long Run

Levine, Ooi, Richardson and Sasserville, Financial Analysts Journal/CFA Institute
December 2017

Commodities: Be Patient, We Expect it Will Get Better

SEI Investment Management Corporation
March 16, 2016

Facts and Fantasies about Commodity Futures Ten Years Later

Geetesh Bhardwaj, SummerHaven Investment Management
Gary Gorton, Yale School of Management; National Bureau of Economic Research (NBER)
K. Geert Rouwenhorst, Yale School of Management – International Center for Finance
May 25, 2015

Facts and Fantasies about Commodity Futures

Gary Gorton, The Wharton School, University of Pennsylvania and National Bureau of Economic Research
K. Geert Rouwenhorst, School of Management, Yale University
June 2004, This Draft: February 28, 2005

The Benefits of Commodity Investment

Iuliana Ismailescu, Isenberg School of Management, University of Massachusetts
March 2004

The Nature of Commodity Index Returns

Robert J. Greer, VP, Global Commodities Group, The Chase Manhattan Bank
Summer 2000

The Relationship Between Commodity Futures Trading and Physical Commodity Prices

Lecture given by Dr. Henry G. Jarecki
April 5th, 2011

The Tactical and Strategic Value of Commodity Futures
Claude B. Erb, Trust Company of the West
Campbell R. Harvey, Duke University
January 6, 2006

The Effect of Deflation or High Inflation on the Insurance Industry

Kevin C. Ahlgrim, Illinois State University
Stephen P. D’Arcy, University of Illinois
February 2012

Commodities as an Investment

Gerald R. Jensen, CFA, Board of Trustees and Professor of Finance, Northern Illinois University
Jeffrey M. Mercer, I. Wylie and Elizabeth Briscoe Chair in Finance, Rawls College of Business, Texas Tech University
February 2012

Strategic Asset Allocation and Commodities

Thomas M. Idzorek, CFA, Director of Research, Ibbostson Associates
March 27, 2006

Is Now the Time to Add Commodities to Your Portfolio?

C. Mitchell Conover, Ph.D., CFA, Associate Professor of Finance, The Robins School of Business, University of Richmond
Gerald R. Jensen, Ph.D., CFA, Professor of Finance, Northern Illinois University
Robert R. Johnson, Ph.D., CFA*, Senior Managing Director, CFA Institute
Jeffrey M. Mercer, Ph.D., Professor of Finance, Rawls College of Business, Texas Tech University
December 2009

Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever

Jeremy Grantham, GMO Quarterly Newsletter
April 2011

Glossary of Terms

Download the “Glossary of Futures Terms: An Introduction to the Language of the Futures Industry”. This information is provided by the NFA as a pamphlet that defines many of the terms used in the futures industry.

You can access this 28-page publication now by using the link below. You will need the Adobe Acrobat Reader to view this information. If you do not have this free helper application, you can download it here.

Source: National Futures Association; published here with permission. This publication is the property of National Futures Association.

Download PDF | 58kb

For information, or If there is a topic of information you are searching for that is not represented in this section, please contact us directly at (877) 261.4460.

Dislaimer

This website does not constitute an offer to sell, or a solicitation of an offer to buy or sell, any commodities interests, managed futures accounts or securities, and is intended for informational purposes only. Any offer for any investment product will be made solely by the appropriate disclosure document or offering memorandum. Price Asset Management, LLC. does not make any representations as to the accuracy or completeness of any data or information contained herein and such information should not be relied upon as such. Some data and information presented on this site may have been obtained from outside sources.

Investments in commodities, managed futures and other alternative investments involve a high degree of risk and performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Investments in commodities, managed futures and other alternative investments are often executed on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those associated with investments in U.S. markets. Past performance is not indicative of futures results.

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.

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FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. A POOL’S DISCLOSURE DOCUMENT WILL CONTAIN A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED TO THE POOL AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN A COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN ANY COMMODITY POOL, YOU SHOULD CAREFULLY STUDY ITS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THE INVESTMENT.

YOU SHOULD ALSO BE AWARE THAT COMMODITY POOLS MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO POOLS AND THEIR PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR POOLS MAY BE EFFECTED.