Ultimately, we think the sell-off will prove transient and that the relationship of real yields to gold observed over the past decade will prevail.

Our base case is that oil balances remain tight and that prices realized exceed what the futures market is indicating.

What does backwardation in the oil futures curve mean for commodity investors?

REIT valuations are looking attractive relative to other liquid financial assets.

The pivot to backwardation is notable for investors for three key reasons.