Donald Coxe

[winston]

The September edition of Donald Coxe’s Basic Points research report (subtitled “Dem Blues”) has just been published.

1. Upgrade equity portfolios to reduce endogenous risk. Trade upward in quality, and, in balanced accounts, increase bond exposure. There is, at present, too much froth for comfort. After the grandest recession /recovery stock market rally on record, this is hardly a good time to commit new money into equities.

2. Emphasize Canadian stocks in North American portfolios. Canada has the best banks, and the best range of commodity-oriented stocks. And it has the best North American currency.

3. Continue to overweight commodity-oriented companies in diversified equity portfolios. They have been underperforming the US market since US stocks began to reach the top of the troposphere, and their most volatile and gaseous members soared into the stratosphere. If the economic bulls are right, commodity prices will soar. If it takes more time - and some signs of restraint in Washington - to launch a sustained US recovery, then commodity stocks will have the attraction that comes from producing goods priced by the new Asian economic leaders.

4. The regional banks index (KRE) has not participated in the broad rally recently, and is sharply underperforming the S&P, mostly because of widespread construction loan losses. The BKX has more than doubled since March, but it is dominated by the banks that got the most help from Washington, so we have trouble seeing that steroid-based performance as the signal to buy stocks. Until the KRE starts to show good relative strength, the rally remains suspect, and investors should be lightening up on financial stocks.

5. Until this week, gold had been range-bound this year, so gold shares sharply underperformed the market. On Tuesday, bullion staged a sudden upside breakout from its pennant pattern, which could signal a sustained move through $1,000. As we were going to press, it had moved through $990. Gold shares are attractive havens, because gold is the only asset that can be expected to outperform under both extreme scenarios - financial collapse and runaway inflation. Remain overweight gold within commodity-oriented portfolios.

6. Whether by coincidence or otherwise, crude oil has been trading rather closely to the S&P. Oil consumption statistics do not support a valuation of $70 for crude oil. We recommend caution on oil stocks here.

7. Natural gas is, along with pork (but not of the Washington variety), the most conspicuous loser among the commodities. Technology (in the form of large-scale application of new techniques for developing huge shale gas deposits) and cool summer weather have depressed gas prices. Even a cold winter may not be enough to get gas prices to levels at which most producers could show good profits. Underweight gas-prone companies in commodity portfolios.

8. The prospect of record US corn crops has depressed the price of agricultural companies’ shares. However, the food sector remains the least cyclical and speculative of the main four commodity stock groups and should be emphasized. We are still only one big crop failure away from a global food crisis.

9. The bull market in corporate bonds has narrowed spreads remarkably. In effect, virtually all risk classes have been in simultaneous bull markets - a sure sign that liquidity is the basic driving force. The steep yield curve argues for longer durations in bond portfolios, but unmistakable proof that the US had emerged from recession risks would send investors scurrying to midterms and force Bernanke’s hand.

Since we think a V-Shaped recovery is the least likely outcome, we now recommend increasing bond durations, and are reversing the trading recommendation issued in June, when we were increasing our recommended equity exposure in line with our view that both the bond and stock markets were going to price in an economic recovery. The stock market did: the bond market didn’t.

[winston]

Don Coxe webcast – updated (November 13, 2009)

http://events.startcast.com/events6/122 ... Event.aspx

[winston]

Donald Coxe – Investment Recommendations (November 2009)

1. Remain underweighted in US equities-as a percentage of total equities within global portfolios, and as a percentage of assets in US balanced portfolios. Underweight US bonds in global portfolios.

The Obama long-term financial projections for the US are high risk and unsustainable. Forthcoming elections-or a currency crisis-could induce some discipline, but within the OECD, the US should probably no longer be accorded top ranking for bonds and stocks.

2. Within the US market, underweight US economy-related stocks and overweight stocks tied to global economic activity.

Watch the performance of the KRE compared to both the BKX and S&P. As long as the KRE underperforms both of these indices, US-economy-related stocks remain suspect.

3. Overweight Emerged Markets (such as China, Brazil, India, and Korea) within global and international equity portfolios.

These markets should no longer be routinely discounted heavily for political risk or accounting practices relative to the US. The credibility gap has narrowed in the past year.

China continues to report robust economic activity and skeptics continue to proclaim-as they have for years-that it’s unsustainable. The time to sell China, and, for that matter, base metal and energy stocks, is when the last remaining Sino-skeptic has become unemployed.

4. Overweight the precious metal miners relative to bullion or the ETFs.

The time to overweight the ETF is when precious metal prices have entered corrections.

The XAU and other gold stock indices have underperformed bullion for the past two months because of a succession of bad news announcements for such heavyweights as Barrick, Kinross and Agnico-Eagle.

True, we can’t be sure there won’t be more reports of disappointing execution among the miners, but they have the reserves in the ground, and the best of them have “unhedged reserves in politically-secure areas of the world”.

Investors who believe current prices could hold should do NAV calculations on the miners based on current gold and silver prices, and they will see excellent opportunities in the stocks.

5. Overweight the leading agricultural stocks. The farm equipment, seed and fertilizer stocks are core investments for the next cycle.

With one of the coldest and wettest Octobers on record, Midwest farmers’ crops at October-end were overdrenched, overdue and overrun with blights and moulds. Recent warmer and dryer weather has improved yields, and the heaters are working overtime to dry out what has been harvested-and corn and soybean prices have pulled back slightly from their recent highs.

Global carryovers will not increase this year, which means world food “surpluses” remain precarious-as evidenced by the sharp run-up in rice.

6. The base metals stocks have been the global commodity stars. The best stock market values now could be in the small-caps that are long on ore and short-or nil-in earnings.

In retrospect, we should have recommended overweighting in this sector, but we were spooked by the collapse of the Baltic Dry Index and its subsequent failure to rally-and the relatively high levels of inventory on the LME. It appears that China has used some of its surplus dollars to get China overstocked on metals.

7. Overweight Canadian oil sands stocks within equity portfolios.

The Canadian oil sands stocks continue to suffer bad press among the defenders of the planet about alleged environmental misdeeds and risks. Each dead duck listed in shocked reports sent across the world has been worth millions in reduced market cap for the companies. (The actual total number killed in this supposed replay of the Exxon Valdes is what a few hunting parties would collectively bag on a good weekend.)

A major Canadian institution recently joined this parade of the super-chic by publishing a supposedly unbiased study on oilsands emissions that was prepared by two of that nation’s pre-eminent greenhouse gasbags. The institution could have achieved the same results by retaining Gore-but Gore costs more. Treat those fashionable emissions with caution-and treat your portfolio to oil sands stocks.

8. Overweight Canada in both equity and fi xed income portfolios, and remain long the loon against the greenback.

In recent global rankings, Canada ranked #1 in the G-7 for its central bank, its private banks, and its Minister of Finance (who is the longest-serving in the G-7-a remarkable feat for a minister in a minority government). The principal knock on Canada is that it is dull. Dull has become the new shiny.

9. In balanced portfolios with an equity bias, do not hold high Cash exposures. Hold long-duration, high-quality bonds.

If this rebound becomes a sustained boom, you will lose-rather modestly-on this exposure, but your equity holdings will appreciate substantially, and you will be a net winner. If it becomes a bust, you will win on the bonds, thereby reducing your overall portfolio loss.

Long bonds now reduce short-term cyclical risk. As of October, speculators were hugely short 30-year and 10-year Treasurys and hugely long 2-year Notes-consistent with a bullish call on stocks and the economy. If that call swings to bearish, there will be a rush to the long end.

http://www.scribd.com/doc/22536643/BMO- ... s-Nov-2009

[winston]

Donald Coxe – Investment Recommendations (December 2009)

1. Remain underweighted in US equities - as a percentage of equities within global portfolios, and as a percentage of assets in US balanced portfolios. Underweight US bonds in global portfolios.

The long-term financial projections for the US are scary, even if one accepts the Obama assumptions: ten years of large deficits, no recessions, strong, sustained economic growth, and a mere 1% increase in Treasury yields. Those numbers make no allowance for the costs of health care, which will be huge. Debilitating tax increases are inevitable, even if the global warming “cap and tax” legislation does not pass.

2. Within US equity portfolios, underweight US economy-related stocks and overweight stocks tied to foreign economies.

US stocks outperformed after Obama’s election, but that created what could be called erogenous risk for investors. As long as the KRE [Regional Bank Index] continues to underperform both the BKX [Philadelphia Bank Index] and S&P, risks of a double-dip economy remain.

3. Overweight Emerged Markets (such as China, Hong Kong, Brazil, India and Korea) within global and international equity portfolios.

These markets should no longer be discounted heavily because of assumed gaps between their accounting and American practices. The credibility gap has been narrowed significantly. The FASB’s capitulation to Congressional pressure on big banks’ balance sheets is a sign that Volcker-style virtue is outdated.

4. Remain overweight commodity stocks within balanced accounts and equity-only accounts.

Strong commodity-oriented companies are tied to global growth trends, led by the Asian powerhouses, which means they have less endogenous risk than companies tied to the US and Europe.

5. Emphasize gold stocks in commodity stock accounts.

Gold and other precious metals appear to have entered a period of above-average volatility, but the unprecedented creation of paper money and national debts means ownership of the metals and producers will tend to reduce endogenous risk in most portfolios. The stocks will tend to outperform bullion on the upside; the bullion will outperform on the downside.

6. Continue to overweight the agriculture stocks.

The best-performing commodity group in the past three months has been the agricultural stocks, led by the machinery and fertilizer stocks. Street analysts turned negative on these groups during the summer, when it looked as if US crop production would reach painful levels. Then the weather intervened. We remain of the view that the best of the agriculture stocks are among the best-quality core positions among all equities.

7. Maintain exposure to the energy stocks, but continue to emphasize oil producers and to de-emphasize natural gas producers.

Oil and natural gas are both in oversupply at the moment. The difference is that crude oil prices remain strong despite oversupply, as oil companies and speculators hoard oil in anticipation of stronger demand next year - and in fear of a new Mideast war.

Shale gas may be too readily available to be good short-term news for either the profits or stock prices of oil and gas producers - but Exxon’s move on XTO Energy shows what having huge shale reserves can do for takeover values in politically-secure terrain.

8. Base metal stock prices are somewhat riskier than those of other commodity groups, but are worth holding.

The producers are dependent on China’s willingness to continue to buy more metal than it needs for current consumption.

9. Within balanced portfolios, emphasize long-duration, high-quality bonds at the expense of Cash. Canadian bonds should be used by foreign investors, where possible, as alternatives to Treasurys and US corporates.

Cash isn’t a true risk reducer, because it delivers no yield and cannot rise if there’s a new panic. If you must own something that pays you nothing, buy gold. In contrast, long-duration bonds are the best hedge against a renewed economic downturn.

10. Canada offers better government, better governance, a better currency, and a better stock market than the USA. Buy Canadian.

The flip side to this is a wise balance sheet policy for Canadian companies. Borrowing in American dollars makes sense for Canadian exporters and resource companies - and for some other Canadian industries.

Take advantage of:-
(1) Bernanke’s heroin injections into US debt markets, and
(2) Canada’s new financial prestige to reduce your endogenous currency risk by bulking up your borrowing in greenbacks.

http://www.scribd.com/doc/24291901/BMO- ... s-Dec-2009

[winston]

Donald Coxe – Investment Recommendations (February 2010)


1. This is assuredly an inopportune time to increase equity exposure - and an opportune time for profit-taking.

Major stock indices are breaking down. For the S&P, it would take only an 8% retrenchment from its current level to break the 200-Day Moving Average, and take the index to late summer levels.

2. Maintain a strong overweighting in commodity stocks within equity portfolios.

3. Maintain high exposure to gold bullion and the gold miners whose production comes from politically-secure areas.

The core belief system for gold is that governments can’t be trusted. Investing in miners dependent on the sustained honesty and wisdom of conspicuously dubious governments may work out for a time, but the principle behind that strategy is oxymoronic.

4. Investors should overweight base metal miners within the cyclical component of their equity portfolios.

The base metal miners’ earnings have come back faster than all but the most optimistic would have predicted when the world’s crisis managers were engaged in panic-driven ad hoc strategies to avert a Depression. Few investors grasped the significance of the fact that the new players on the global block - China and India - weren’t even in recession. Result: metal inventories never mounted to levels that would have imperiled major miners.

5. Here is a strategy for corporate clients to consider: borrow - don’t buy - debt denominated in euros.

The Eurozone, justly renowned for its liberal dispensations of pork, barely emerged from the Crash before being faced with a big PIIGS (Portugal, Ireland, Italy, Greece and Spain) problem. Germany has a veto on any form of bailout for the big spenders, and German voters were never given a chance to vote on whether they really wanted to swap their beloved Deutschemarks for euros. Canada recently demonstrated its smarts by borrowing heavily in euros.

6. The Saudi Oil Minister has said that $70-$80 is the “perfect” price for oil. In an imperfect world, this looks like a reasonable price for valuing oil producing companies - and the contango in the futures curve is a reasonable basis for valuing the companies’ Reserve Life Indices.

7. Underweight natural gas-related stocks within energy portfolios.

Overweight the oil sands companies, whose managements should be among the loudest of laughers at the warmists’ implosion.

Despite El Niño, it has been a challenging winter for most of the USA. But it hasn’t been enough to get natural gas prices up to interesting levels.

8. We remain bullish on the leading agricultural stocks.

Food price inflation is hitting consumers in many emerged and emerging economies. The reasons vary, but the Beijing bosses and their counterparts in other important economies have to be concerned that prices could be so strong, even though prices of corn, wheat, soybeans and rice are not.

9. Canadian bonds and stocks should be heavily overweighted in global portfolios.

As you watch the Vancouver Olympics, don’t focus too much on the Canadian committee’s high-risk decision to schedule many downhill events on the coast in what turned out, unfortunately, to be the year of a giant El Niño. Look at the beautiful city and countryside, and look at how Canada’s economy is performing compared with its Southern neighbor.

10. Overweight investment grade corporates in bond portfolios.

Would you rather hold long-term debt from a government that cannot manage its finances or from a great company that manages its money very well? Remember that those smart people who rate leading governments’ bonds AAA also gave that rating to trillions of face value in complex “bonds” that are heavily weighted in the worst of residential mortgages.

If the US stock market rolls over and falls sharply, the impact on the US economy is likely to be profound. Such improvements in consumer and business outlooks as the pollsters find are heavily based on the strong equity markets. Those ebullient markets helped corporations rebuild their finances through debt and equity issues. A bear that emerges from hibernation could be dangerous to more than equity investors.

http://www.scribd.com/doc/27294019/Hard ... CM-02-2010

[winston]

Donald Coxe’s Investment Recommendations (April 2010)

1. Increase your equity-equivalent exposure through commodity stocks, emphasizing the mining stocks at the expense of agricultural and oil and gas stocks.

2. Canadian investors who use TSX-linked equity products should, nevertheless, increase their total exposure to commodity equities to reflect the better global outlook.

3. American investors who use S&P-linked products to participate in a strengthening global outlook are underweight commodity exposure and should adjust exposure upward accordingly.

4. Big Oil stocks are a blend of commodity companies and industrial companies. They dominate the raw materials section of the S&P, giving investors a false sense that they have good commodity exposure. Underweight integrated oil companies in commodity portfolios

5. The accounting wheeze that equates six units of natgas to one of crude oil makes Big Oil in general and most oil and gas producers look like better commodity investments than their true product mix would justify.

Overweight oil production and underweight gas production.

6. The oil sands companies are moving from open pit mining to Steam-Assisted Gravity Drainage (SAGD) production methods, using natgas as fuel for melting the bitumen. Result: they are long oil and short natgas, which is a splendid strategy for investors. This week’s Sinopec purchase of Conoco Phillips’ 9% interest in Syncrude confirms the strategic value of that treasure trove that fashionable Greens love to deride. Continue to overweight the oil sands companies.

7. The combined strength of the KRE [SPDR KBW Regional Banking (ETF)] and BKX [KBW Bank Index] is more than mildly reassuring. We believe investors should feel quite safe in their equity commitments as long as that relative strength holds. The test may come when Bernanke withdraws the heroin, but most economists think that remains far off. This is a good time to emphasize cyclical equities within US portfolios – and to add to commodity exposure.

8. Within agricultural stock portfolios, emphasize the equipment and logistics companies. Reduce exposure modestly to grain production, and increase it to production of meat – poultry, pork and beef.

9. Gold and silver have held up well in the face of strength in the dollar. Remain overweight in the precious metals. The royalty and streaming stocks offer special attractions, because relatively few investors understand the companies’ beautiful business models, and the excellent execution of those models by shrewd managements.

10. Within global bond portfolios, continue to emphasize Canadian bonds.

Within US bond portfolios, emphasize inflation-hedged TIPs. Within retail portfolios holding high exposure to cyclical stocks, hold some long-duration bonds as a hedge against a double-dip after the heroin is withdrawn.

Source: Scribd, April 16, 2010.

http://www.scribd.com/doc/30196017/Slow-Boat-to-China

[winston]

Don Coxe – Investment recommendations (June 2010)

1. Canadian bonds, equities and bank deposits are excellent investments for investors based in other currencies. Canadians should take advantage of the Loonie’s current weakness to borrow in greenbacks and otherwise hedge any risks they have to the outcome of a new global love affair with the Loon.

2. Resist the urge to buy the Macondo well-related stocks now that BP has somewhat capped the well. US trial lawyers cannot believe their luck: they will be able to sue, for treble damages, everybody involved in the well in the infamous “hellhole” courts of Louisiana and Alabama, where the judges’ electioneering costs are paid by plaintiffs’ lawyers.

BP’s $20 billion payment will prove to be just a down payment. This is, for these predators, the equivalent of getting advance advice of the winning numbers in a multi-billion-dollar lottery.

3. The oil sands producers don’t benefit as much as the US trial lawyers from the BP disaster, but there are two ways their stockholders benefit: firstly, by reminding the public that the large-scale alternatives to oil sands petroleum involve much greater environmental risks, they will take some heat off the beleaguered companies; secondly, an offshore oil boom that might have followed from Obama’s cautious reopening of offshore drilling has become a bust. That frees up investor capital allocated toward oil stocks to buy oil sands producers’ shares as the least-costly way to acquire multibillion-barrel North American exposures.

4. Remain heavily overweight oil compared with natgas. Gas prices have climbed because of the cutoff of expected production from the Gulf, but this should be only a temporary price boost. As Macondo has tragically demonstrated, finding big oil deposits is a high-cost, high-risk business. Finding gigantic natgas deposits is a low-cost, low-risk business. Natgas risks becoming the hydrocarbon equivalent of political hot air: cheap, never-ending and ubiquitous.

5. Gold is more than the Bad News Bear’s New Favorite. It is the completely inverse investment to paper money and complex financial derivatives, making it the multi-millennial belief system to which modern investors can return from the financial system’s current excesses, misrepresentations, and bad politics.

In a bull market for gold, the well-managed mines will outperform the bullion. A recommended alternative is the royalty companies.

6. Barring some war in the Korean Peninsula or the Mideast, or the collapse of some major European banks, this stock market pullback should continue to be a correction, not the first chapter in a new horror story.

A new crash at a time of zero rates remains an unlikely outcome − but not as unlikely as it seemed two months ago before we found out about where all those trichinositic eurobonds were stashed.

7. Remain invested in companies that produce what China and India need. No matter what happens in the OECD, these economies will continue to grow faster than the US or Europe. Their public employees aren’t paid more than their private sector earns, and they don’t retire young.

Their governments are not laden with debts that can only be serviced with economic growth at unachievable levels. In other words, they are doing the big things right − and the OECD collectively is doing them wrong. There is no reasonable doubt about which economies will grow most rapidly, with the lowest recession risk.

http://www.scribd.com/doc/33337155/Don- ... ons-Summer’s-Storms-and-Norms-061710

[winston]

Donald Coxe’s Basic Points ( Two Days After Halloween)

1. This stock market rally has legs, primarily because of the likelihood of rapid liquidity expansions within the OECD in the near-term.

Nimble short-term traders can make some good returns at times of rapid liquidity expansion, even though the fundamentals of the US economy remain unattractive for most equity groups.

The S&P’s 17.8 multiple argues that next year’s US GDP growth would need to reach 3.5%–4% to deliver great returns from here. That economic performance would be a welcome surprise – something akin to discovering that The Tooth Fairy lives.

2. The transformation of the Chairmanships of important House of Representatives committees from business-bashers and take-no-prisoner-Greens to moderate, capitalist-oriented politicians will be salutary for US stocks and the economy. The market is already pricing this switch in, and it is unclear whether the political component of the rally will continue after Hallowe’en.

Expect few or no major new initiatives. As a general rule, gridlock is usually good for the economy and the stock market. (There are studies that show that an astounding percentage of S&P gains come when Congress is not in session.)

3. The next downleg of the dollar bear market has begun. When the Fed, the Administration, Congress, and most of the business community are cheering it on, this downleg could be impressive. The Canadian dollar’s attractions remain.

4. In general, Canadian financial assets – apart from some life insurance companies – continue to look more attractive than US financial assets. The Bank of Canada has distanced itself from the Fed’s financial heroin policies; from a balance sheet perspective, Canadian banks as a group are healthy huskies compared to the scrawny coyote image of the American banks; the next phase of unlocking Canada’s oil (in shale) has just begun, and the reserves are enormous.

5. Until the BKX and KRE show sustained strength relative to the S&P, underweight US equities.

6. Within bond portfolios, above-benchmark durations remain attractive as long as the US economy struggles and the Fed is seen prone to Quantitative Easing.

7. Within balanced portfolios, very long duration Treasurys and/or Canadas make sense as risk offsets to equity exposures.

8. Within the commodity stock group, continue to emphasize the Precious Metals and Agriculture stocks.

9. The election should destroy Henry Waxman’s ability to threaten the Alberta oil sands producers. Increase your exposure to the leading producers.

10. The gold rally can cool out without being snuffed out. Stripped of all the complexities, four-digit gold is basically a bet against the governments and economies of the G-7. Your gold holdings provide insurance that will be the more needed the higher stock prices rise.


http://www.scribd.com/doc/42924065/Basi ... tober-2010

[winston]

How to Play the Commodities Boom By LAWRENCE C. STRAUSS


Barron's : What's driving commodity prices?

Coxe: Basic supply and demand. If you look at why you get these price spikes in commodities such as the one recently, it is usually because there has been some interruption in supply.


http://online.barrons.com/article/SB500 ... rticle%3D1

[winston]

Don Coxe – Investment Recommendations (December 2010)

1. Continue to reduce endogenous portfolio risk by selling shares of banks that are not moving satisfactorily to write down or unload their toxic assets.

2. Big Canadian banks remain far less risky and better-managed than their American counterparts. However, Canada continues to experience a real estate bubble, and despite banks’ assurances that they aren’t at risk, when the bubble does burst, foreign investors will probably sell bank shares first and ask questions later.

3. That real estate bubble is one reason for caution on the Canadian currency. Although it remains fundamentally more attractive than the greenback, it may remain range bound near par. The second reason for concern is, as Canadian officials have been saying for months, the sharp differential in productivity performance between Canada and the US. The third is that, for the first time in living memory, Canadians’ per capita household debt matches Americans’.

4. The euro seems destined to fill one great global role: to make the dollar and the yen look reasonably safe by being shown to the world as the currency of bad people doing bad things in badly-run countries who rely on assistance and bailout from good people who do good things in well-run countries.

The euro is, of course, the currency of some big, well-run economies characterized by hard work, thrift and global competitiveness. But those economies are going to have to prop up the others. Remember the plight of Atlas: stuck in the sea holding up the Iberian Peninsula.

5. Within commodity stock portfolios, the precious metals stocks reduce overall portfolio risk from both deflation and inflation. The risks of deflationary collapse are lower now than earlier in the year, but the fundamental problems within the financial system remain unresolved.

Keep your protection, albeit at a slightly lower level.

6. The collapse of the oil futures curve should be temporary. It has the effect of making investors less concerned about the duration of companies’ reserves, because their pricing is no longer attractive relative to spot prices.

We believe this is unlikely to last, and recommend you emphasize the long-duration producers – notably the Canadian oil sand companies.

7. Within the agriculture sector, emphasize the farm machinery stocks. Rarely have farmers had a better combination of profit motive and financial strength to bring them into showrooms.

8. Copper or iron ore? Which should you emphasize now? A strong case can be made for either, so we suggest you buy both. The awe-inspiring scale of iron ore expansions globally suggests that prices in the longer term will be under pressure. Copper production, on the other hand, is unlikely to leap ahead of demand.

9. We have had an unusually high volume of detailed forecasts of pending Chinese collapse, so the basic contrarian commodity story of Chinese growth supplying raw materials demand remains intact.

As MacroMavens notes, China’s forex reserves have grown four times faster than its GDP in the past decade, while debts have grown faster than GDP in North America and Europe.

The Chinese national piggy bank compared to America’s savings is a mastodon to a piglet. As long as the predictors of Chinadoom remain prominent, the upside for commodity investors remains intact.

Basic Points Dec 2010

http://www.scribd.com/doc/45751807/Basi ... s-Dec-2010