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-   -   Commodities books: Classic in the field? (http://archives1.twoplustwo.com/showthread.php?t=496078)

RandBriscoe 09-07-2007 10:16 PM

Commodities books: Classic in the field?
 
Just got my first gig out of school, in the back-office side of the commodities industry (precious metals mainly). As an econ grad, I didn't get heavy into the technical aspects of futures, options, hedging etc. As a result, I'm trying to learn more about this part of the business.

Are there any books considered sort of the HEPFAP of commodities? Generally considered a classic? I'm trying to avoid the crap that tries to get you to trade with the author's firm.

Thanks for any help...

wiseheart 09-07-2007 11:30 PM

Re: Commodities books: Classic in the field?
 
Rand,

Sorry don't have the answer to your question, but have a question for you. Im about graduate as an International Major (meaning all the talk I do about commodities is the Political Economy side) Im considering geting a Master's in Econ or Int'l Econ.

Did you like Econ? Do you think its taking you where you want to go?

RandBriscoe 09-07-2007 11:43 PM

Re: Commodities books: Classic in the field?
 
In all honesty, I almost feel like I lucked out getting my foot in the door in this business. I've found economics, from a practical standpoint, at the undergrad level, has limited practical use outside of the casual lecture on sunk costs you can give your friends. Having said that, I knew at about 15 that I was going to major in economics. I really enjoyed the behavioral, purely rational models econ presented and find that I'm a much better "thinker" for having gone through that process.

I think the commodities business is one of the few pplaces ("perfect competition") you really get the chance to see this type of market at work.

If I were you, going to grad school to do econ, I would most definitely focus on the quant. side of things. Otherwise, I'd just get an MBA. Ultimately, of course, it depends on what you want to do. If you enjoy the purely academic side of things, then by all means, do Int'l Econ.

I'm the type of person who gets borderline obsessed when I start a new activity/interest/hobby. All I wanted to do was find a job in an industry I'm interested in (real estate, banking, finance, gov't.), have a chance to prove myself and learn from the ground up. In that respect, econ was fine for me. Put more plainly, if I had the chance to go back and change my major, would I do it? No.

Just my two cents. Feel free to ask any other questions.

wiseheart 09-08-2007 04:10 AM

Re: Commodities books: Classic in the field?
 
Thanks a lot for the info [img]/images/graemlins/smile.gif[/img]

Fishhead24 09-08-2007 08:59 AM

Re: Commodities books: Classic in the field?
 
HOT COMMODITIES by Jim Rogers.............this book will make you much wealthier.

RandBriscoe 09-08-2007 09:20 AM

Re: Commodities books: Classic in the field?
 
Thank Fishhead, I'll check it out. Any others?

edtost 09-08-2007 06:26 PM

Re: Commodities books: Classic in the field?
 
[ QUOTE ]
As an econ grad, I didn't get heavy into the technical aspects of futures, options, hedging etc. As a result, I'm trying to learn more about this part of the business.

[/ QUOTE ]

its not specific to commodities markets, but hull would be the standard text on this stuff, i think

RandBriscoe 09-08-2007 07:45 PM

Re: Commodities books: Classic in the field?
 
That looks good Ed. Thank you.

Preem 09-09-2007 10:56 PM

Re: Commodities books: Classic in the field?
 
Here's a well-researched (Wharton and Yale) paper that shows how commodities futures can be used to reduce volatility in a diversified portfolio without significantly harming overall return.

http://www.usafutures.com/facts.pdf


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