Editor's note: This is a brief excerpt from Hedgeye morning research. For more information on how you can become a subscriber click here.
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Collapse, crash – use whatever word you want to describe a CRB Index (19 commodities) that dropped another -1.4% to fresh year-to-date lows yesterday.
For those of you keeping score, it’s down -25% since June.
While it’s fascinating to hear a wide range of narratives on why, the reality is that being positioned for #deflation risk (net short Commodities, Junk Bonds, etc.) is paying off big time now.