Commodities

This one handles commodity markets with a focus on the stuff that actually matters: futures curve dynamics, roll yield, and why your commodity ETF returns don't match the spot price movements you see on TV. It breaks down contango and backwardation mechanics, walks through the three components of commodity returns (spot, roll, collateral), and covers the major indices like GSCI and BCOM. The worked examples are solid, showing how brutal roll yield can be in steep contango. Use it when someone asks about oil prices, gold as a safe haven, or why their commodity fund underperformed despite prices going up. The cost-of-carry model and convenience yield formulas are all here if you need the theory.