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← Commodities in a Portfolio
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Question
What were the three key findings of Gorton and Rouwenhorst's 2006 paper that drove institutional interest in commodity allocation?
1
Positive correlation to GDP growth, protection against geopolitical risk, and diversification from real estate
2
High absolute returns, low volatility, and protection against currency devaluation
3
Superior returns to bonds, inflation-matching returns over short periods, and low liquidity risk
4
Equity-like returns, negative correlation to stocks and bonds (especially during inflationary recessions), and positive correlation to inflation
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