CalSTRS Not Daft, But You Might Be

CalSTRS is deter-mining if it will be allocating funds into commodity managers. Regardless of whether there is a boom or a bust in commodities, you know that managers will be long or short as commodities are cyclical in nature, not secular like stocks.

I think a boom and bust mentality is either for a long-only investor, or the physical traders such as Glencore or Continental Grain.

As a futures trader, I’m indifferent to booms or busts. If you’re a long-only investor, put your seatbelt on and then get your head checked for being a moron. You don’t know what you’re doing.


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