Premium"Supply Shocks Are Back": Goldman Says The 60/40 Needs A Third Leg, And It Isn't Crypto
Forget the 60/40. In a year when an oil shock has been hitting stocks and bonds at the same time, the one asset class that actually hedged was the thing doing the hitting.
According to a new note from Goldman's commodities team led by Daan Struyven (available to pro subs), the BCOM commodities basket has delivered a 36% total return year-to-date, against +13% for the S&P 500, -5% for 10Y Treasuries and -8% for the 30Y. Within commodities it gets sillier: BCOM Energy is up 98% and oil products a cool 136%.