By Chris Berry

•  On Monday, the Wall Street Journal published an article titled “Commodities Rally is Half Baked” (sub, req’d).
•  There are a number of reasons for this, but clearly excess supply is the main culprit.
•  Not all commodities have under performed, however, and uranium offers an interesting and painful case study into how to equilibrate supply and demand.

An Unfortunate Validation of Our Thesis

Yesterday, the Wall Street Journal published an article titled “Commodities Rally is Half Baked” (sub, req’d). The gist of the article is that while 2014 started off as a positive year for commodity returns in general, the tide has turned and many commodities (as measured by various indexes) are now under performing the typical equity index as the latter continue to reach all time highs.