Research4 min read
The Commodity Wheel Turns, Just Not in Your Stocks
Many investors believe commodities move like a wheel: whatever is beaten down will rise, whatever has risen will fall. We tested that belief on 798 months of commodity prices going back to 1960 and 162 months of Indonesian commodity equities. The wheel does turn, but only in the commodity price itself. Translated into a decision to buy the stocks, the hypothesis loses money.
Jul 30, 2026Read →
