{video} Commodities globally have posted robust returns in recent years, prompting many to ask how long this performance can be maintained. Commodities remain cheap, both on an absolute basis and a relative basis to other asset classes like equities. We see similarities to previous periods of extended commodity market strength. The geopolitical stress we are witnessing today, emanating from Russia’s invasion of Ukraine, mimics the 1970s when the Arab oil embargo of 1973 and the Iranian revolution of 1979 drove huge cross commodity price appreciation. The early 2000s were another period of strong bullish price trends ... (full story)