Investing fads and fashions are always presented as durable facts... but when it comes to the asset flavor-of-the-year I keep thinking of the Donovan song:
"First there is a mountain
Then there is no mountain
Then there is."
In this case: first there is no commodity exposure, then there is a commodity exposure, then there isn't...
The funny thing, though, is that the cases for thing like commodities are always presented on the basis of many-decade-long runs of data, yet the vogue for commodities is, I think, only four or five years old. How does anyone expect to see the long-term effect of a commodities allocation if they don't hold that allocation for the long term?
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.