For all the talk about commodities being “crushed”; that’s really only applicable to the absolute extreme peak of a few months/quarters back.
It’s the same with most of the producers. They’ll be “crushed” when they’ve given up their pre-pandemic and pre-war gains.
We are underweight commodities, and can assure readers that they are not in fact crushed. Every historical analogue, every econometric model I use that has demand-side proxies suggests they will come down, & by quite a lot.
But so far, really only a modest amount of decline has occurred.
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