Why structural returns shine in any inflationary environment

Independent of risk factors

clock • 4 min read
Toby Hayes of Trium Capital
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Toby Hayes of Trium Capital

In 1923, John Maynard Keynes was analysing commodity futures markets when he noticed that the costs of commodity storage, which were often very high, were baked into futures pricing.

He observed speculators invested in commodity futures would not only receive the commodity return but would also be paid the storage costs on top. Keynes had discovered the first structural return - a...

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