标题: Reading 34: Alternative Investm....olio Management－LOS o [打印本页]
作者: tycoon 时间: 2008-9-16 14:21 标题: [2008] Session 11－Reading 34: Alternative Investm....olio Management－LOS o
Which of the following commodities is least likely to have returns that are positively correlated with inflation?
Answer and Explanation
Nonstorable agricultural commodities returns have returns that are negatively correlated to inflation. Storable commodities like energy and metals have returns that are positively correlated with inflation.
作者: tycoon 时间: 2008-9-16 14:21
Commodities can be categorized into storable and nonstorable. Which category, if any, should an analyst recommend as a hedge against inflation?
| A) | Nonstorable commodities. |
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| B) | Neither storable nor nonstorable commodities. |
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| C) | Both storable and nonstorable commodities. |
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Answer and Explanation
Storable commodities like energy and metals have returns that are positively correlated with inflation. The positive correlation means the real return will tend to remain positive even when inflation increases.
作者: tycoon 时间: 2008-9-16 14:22
As an investment, the commodity energy is:
| A) | nonstorable and a hedge against inflation. |
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| B) | storable but not a hedge against inflation. |
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C) | storable and a hedge against inflation. |
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| D) | nonstorable but not a hedge against inflation. |
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Answer and Explanation
Commodities that are not agricultural products tend to be storable and hedges against inflation. Energy is both storable and its return has been correlated with inflation.
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