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什么是大宗商品?如何投資大宗商品?

IVANA PINO
2022-12-07

大宗商品能夠幫助投資者多樣化投資組合,,對(duì)沖通貨膨脹的影響,。

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圖片來(lái)源:《財(cái)富》,,原圖由蓋蒂圖片社提供

投資者可以投資不同類型的資產(chǎn),,期待自己投入的資金能夠獲得利潤(rùn)。投資不應(yīng)該局限于傳統(tǒng)的股票和債券,,有時(shí)候最有價(jià)值的投資是我們身邊的有形商品,,它們被稱作大宗商品。

什么是大宗商品,?

大宗商品這類資產(chǎn)包括用于生產(chǎn)消費(fèi)品的原材料。這些原材料可以幫助投資者實(shí)現(xiàn)資產(chǎn)組合多樣化,,并通過不同資產(chǎn)類型分散風(fēng)險(xiǎn),。

特許金融分析師、特許市場(chǎng)技術(shù)師和Vineyard Global Advisors首席投資官托馬斯·塞繆爾森表示:“大宗商品是一種商品或服務(wù),,其廣泛可用性削弱了價(jià)格以外的其他因素在確定價(jià)值時(shí)的重要性(如品牌名稱,、獨(dú)特性或吸引力等)。大宗商品是可互換的,,不同來(lái)源的供應(yīng)之間通常并不會(huì)出現(xiàn)太多差異,。”

一些最常見的大宗商品包括下列幾類:

? 農(nóng)業(yè):農(nóng)業(yè)大宗商品通常包括咖啡,、玉米,、糖、大豆和小麥,。這些農(nóng)作物通常被用于常見消費(fèi)品,,也是人類和牲畜的食物來(lái)源。

? 能源:能源大宗商品包括原油(作為交通燃料和用于生產(chǎn)塑料),、天然氣(用于發(fā)電)和汽油(用于驅(qū)動(dòng)私家車輛),。

? 金屬:金屬包括金(用于制作首飾)、銀(用于制作首飾和其他許多工業(yè)用途)和銅(最常用于生產(chǎn)電纜),。

? 家畜:牛和豬等常見家畜被視為大宗商品,。

如何投資大宗商品?

你可以通過多種途徑投資大宗商品或獲得投資大宗商品的經(jīng)驗(yàn):

購(gòu)買實(shí)物商品,。投資者可以購(gòu)買原料商品,,例如金條。但以這種方式進(jìn)行投資,,需要承擔(dān)與持有實(shí)物商品有關(guān)的成本,,如存儲(chǔ)費(fèi)。

投資商品類股票或交易所交易基金,。如果你認(rèn)為投資實(shí)物商品的周期過長(zhǎng),,你可以通過投資商品類股票,間接投資大宗商品。有一些生產(chǎn)或加工某些大宗商品的公司發(fā)行的股票可以進(jìn)行投資,。塞繆爾森表示:“通過這種方式進(jìn)行投資,,一方面可以獲得大宗商品價(jià)格上漲帶來(lái)的收益,另一方面公司可能給投資者創(chuàng)造附加價(jià)值,,包括增加特定商品的產(chǎn)量或者通過發(fā)放股息給投資者帶來(lái)收益,。”大宗商品交易所交易基金跟蹤大宗商品的價(jià)格,,或者大宗商品的相關(guān)指數(shù),,使投資者持有一系列以大宗商品作為抵押的合同。

投資大宗商品的優(yōu)缺點(diǎn)

與任何其他投資一樣,,大宗商品投資有優(yōu)點(diǎn)也有缺點(diǎn),。如果你考慮投資大宗商品,需要注意以下幾個(gè)主要優(yōu)點(diǎn)和缺點(diǎn):

優(yōu)點(diǎn):大宗商品可以產(chǎn)生短期利潤(rùn),。在大宗商品市場(chǎng),,沒有辦法鎖定投資時(shí)機(jī),但如果你在恰當(dāng)?shù)臅r(shí)間購(gòu)買和出售某種大宗商品,,就可能獲得高額利潤(rùn),。塞繆爾森表示:“由于期貨合約通常僅需要5%的保證金,因此你只需要初始投資5,000美元,,就能控制10萬(wàn)美元的銅,。如果銅的基礎(chǔ)價(jià)格上漲10%,你所控制的銅的價(jià)值將從10萬(wàn)美元增長(zhǎng)到11萬(wàn)美元,,利潤(rùn)1萬(wàn)美元,,你的5,000美元初始投資的回報(bào)率高達(dá)100%(初始投資5,000美元利潤(rùn)1萬(wàn)美元)。當(dāng)然,,你需要準(zhǔn)確判斷銅價(jià)的走向,,如果實(shí)際走向與你的判斷相反,你可能需要追加保證金,,增加投資,。”

優(yōu)點(diǎn):大宗商品可以對(duì)沖通貨膨脹,。在高通脹期間,,美元貶值,大宗商品資產(chǎn)通常會(huì)上漲,。據(jù)Vanguard在2021年根據(jù)彭博大宗商品指數(shù)(Bloomberg Commodity Index)所做的研究顯示,,非預(yù)期通貨膨脹上漲1%,大宗商品價(jià)格會(huì)上漲7%至9%,。

缺點(diǎn):大宗商品具有極端波動(dòng)性,。雖然大宗商品的變化趨勢(shì)不同于其他資產(chǎn)類別,,但投資大宗商品依舊存在高風(fēng)險(xiǎn)。塞繆爾森表示:“眾所周知,,大宗商品的價(jià)格反復(fù)無(wú)常,,可能很難預(yù)測(cè)大宗商品的價(jià)格波動(dòng)。氣候,、地緣政治和全球經(jīng)濟(jì)前景等不可預(yù)知的事件,,都可能嚴(yán)重影響供需,從而引發(fā)大宗商品價(jià)格波動(dòng),?!?/p>

缺點(diǎn):大宗商品不會(huì)給投資者帶來(lái)收入。股票,、債券和房地產(chǎn)等投資能夠通過股息或租賃收入等給投資者帶來(lái)穩(wěn)定收益,,但除非將大宗商品賣出并獲得利潤(rùn),否則大宗商品并不會(huì)給投資者帶來(lái)收入,。

啟示

了解可投資的資產(chǎn)類型,,以及各類資產(chǎn)常見的波動(dòng)規(guī)律,,有助于拓寬投資范圍,,實(shí)現(xiàn)投資組合多樣化,甚至在經(jīng)濟(jì)動(dòng)蕩時(shí)期有助于對(duì)沖通貨膨脹,。(財(cái)富中文網(wǎng))

譯者:劉進(jìn)龍

審校:汪皓

投資者可以投資不同類型的資產(chǎn),,期待自己投入的資金能夠獲得利潤(rùn)。投資不應(yīng)該局限于傳統(tǒng)的股票和債券,,有時(shí)候最有價(jià)值的投資是我們身邊的有形商品,,它們被稱作大宗商品。

什么是大宗商品,?

大宗商品這類資產(chǎn)包括用于生產(chǎn)消費(fèi)品的原材料,。這些原材料可以幫助投資者實(shí)現(xiàn)資產(chǎn)組合多樣化,并通過不同資產(chǎn)類型分散風(fēng)險(xiǎn),。

特許金融分析師,、特許市場(chǎng)技術(shù)師和Vineyard Global Advisors首席投資官托馬斯·塞繆爾森表示:“大宗商品是一種商品或服務(wù),其廣泛可用性削弱了價(jià)格以外的其他因素在確定價(jià)值時(shí)的重要性(如品牌名稱,、獨(dú)特性或吸引力等),。大宗商品是可互換的,不同來(lái)源的供應(yīng)之間通常并不會(huì)出現(xiàn)太多差異,?!?/p>

一些最常見的大宗商品包括下列幾類:

? 農(nóng)業(yè):農(nóng)業(yè)大宗商品通常包括咖啡、玉米,、糖,、大豆和小麥,。這些農(nóng)作物通常被用于常見消費(fèi)品,也是人類和牲畜的食物來(lái)源,。

? 能源:能源大宗商品包括原油(作為交通燃料和用于生產(chǎn)塑料),、天然氣(用于發(fā)電)和汽油(用于驅(qū)動(dòng)私家車輛)。

? 金屬:金屬包括金(用于制作首飾),、銀(用于制作首飾和其他許多工業(yè)用途)和銅(最常用于生產(chǎn)電纜),。

? 家畜:牛和豬等常見家畜被視為大宗商品。

如何投資大宗商品,?

你可以通過多種途徑投資大宗商品或獲得投資大宗商品的經(jīng)驗(yàn):

購(gòu)買實(shí)物商品,。投資者可以購(gòu)買原料商品,例如金條,。但以這種方式進(jìn)行投資,,需要承擔(dān)與持有實(shí)物商品有關(guān)的成本,如存儲(chǔ)費(fèi),。

投資商品類股票或交易所交易基金,。如果你認(rèn)為投資實(shí)物商品的周期過長(zhǎng),你可以通過投資商品類股票,,間接投資大宗商品,。有一些生產(chǎn)或加工某些大宗商品的公司發(fā)行的股票可以進(jìn)行投資。塞繆爾森表示:“通過這種方式進(jìn)行投資,,一方面可以獲得大宗商品價(jià)格上漲帶來(lái)的收益,,另一方面公司可能給投資者創(chuàng)造附加價(jià)值,包括增加特定商品的產(chǎn)量或者通過發(fā)放股息給投資者帶來(lái)收益,?!贝笞谏唐方灰姿灰谆鸶櫞笞谏唐返膬r(jià)格,或者大宗商品的相關(guān)指數(shù),,使投資者持有一系列以大宗商品作為抵押的合同,。

投資大宗商品的優(yōu)缺點(diǎn)

與任何其他投資一樣,大宗商品投資有優(yōu)點(diǎn)也有缺點(diǎn),。如果你考慮投資大宗商品,,需要注意以下幾個(gè)主要優(yōu)點(diǎn)和缺點(diǎn):

優(yōu)點(diǎn):大宗商品可以產(chǎn)生短期利潤(rùn)。在大宗商品市場(chǎng),,沒有辦法鎖定投資時(shí)機(jī),,但如果你在恰當(dāng)?shù)臅r(shí)間購(gòu)買和出售某種大宗商品,就可能獲得高額利潤(rùn),。塞繆爾森表示:“由于期貨合約通常僅需要5%的保證金,,因此你只需要初始投資5,000美元,就能控制10萬(wàn)美元的銅,。如果銅的基礎(chǔ)價(jià)格上漲10%,,你所控制的銅的價(jià)值將從10萬(wàn)美元增長(zhǎng)到11萬(wàn)美元,,利潤(rùn)1萬(wàn)美元,你的5,000美元初始投資的回報(bào)率高達(dá)100%(初始投資5,000美元利潤(rùn)1萬(wàn)美元),。當(dāng)然,,你需要準(zhǔn)確判斷銅價(jià)的走向,如果實(shí)際走向與你的判斷相反,,你可能需要追加保證金,,增加投資?!?/p>

優(yōu)點(diǎn):大宗商品可以對(duì)沖通貨膨脹,。在高通脹期間,美元貶值,,大宗商品資產(chǎn)通常會(huì)上漲,。據(jù)Vanguard在2021年根據(jù)彭博大宗商品指數(shù)(Bloomberg Commodity Index)所做的研究顯示,非預(yù)期通貨膨脹上漲1%,,大宗商品價(jià)格會(huì)上漲7%至9%,。

缺點(diǎn):大宗商品具有極端波動(dòng)性。雖然大宗商品的變化趨勢(shì)不同于其他資產(chǎn)類別,,但投資大宗商品依舊存在高風(fēng)險(xiǎn),。塞繆爾森表示:“眾所周知,大宗商品的價(jià)格反復(fù)無(wú)常,,可能很難預(yù)測(cè)大宗商品的價(jià)格波動(dòng),。氣候,、地緣政治和全球經(jīng)濟(jì)前景等不可預(yù)知的事件,,都可能嚴(yán)重影響供需,從而引發(fā)大宗商品價(jià)格波動(dòng),?!?/p>

缺點(diǎn):大宗商品不會(huì)給投資者帶來(lái)收入。股票,、債券和房地產(chǎn)等投資能夠通過股息或租賃收入等給投資者帶來(lái)穩(wěn)定收益,,但除非將大宗商品賣出并獲得利潤(rùn),否則大宗商品并不會(huì)給投資者帶來(lái)收入,。

啟示

了解可投資的資產(chǎn)類型,,以及各類資產(chǎn)常見的波動(dòng)規(guī)律,有助于拓寬投資范圍,,實(shí)現(xiàn)投資組合多樣化,,甚至在經(jīng)濟(jì)動(dòng)蕩時(shí)期有助于對(duì)沖通貨膨脹。(財(cái)富中文網(wǎng))

譯者:劉進(jìn)龍

審校:汪皓

Investors have access to a number of different types of assets that they can put their funds into to try to generate a profit. Investments don’t have to be limited to traditional stocks and bonds, sometimes the most valuable investments are the tangible goods that are all around us—these are called commodities.

What are commodities?

Commodities are an asset class made up of raw materials used to make consumer goods. These materials can help diversify an investor’s mix of assets and spread risk across different asset types.

“A commodity is a good or service whose wide availability diminishes the importance of factors other than price (such as brand name, uniqueness, or appeal) in determining its value,” says Thomas Samuelson, CFA, CMT, and chief investment officer at Vineyard Global Advisors. “A commodity is fungible, in that there is typically little differentiation between supply from different sources.”

Some of the most common commodities to invest in typically fall into one of the following categories:

? Agricultural: This type of commodity usually includes goods like coffee, corn, sugar, soybeans, and wheat. These crops are commonly used in popular consumer products and can be a source of food for humans and livestock as well.

? Energy: Energy commodities include crude oil used to fuel transportations and the production of plastics, natural gas used for electricity, and gasoline, which powers personal vehicles.

? Metals: Metals include gold, used in making jewelry; silver, also used for jewelry and many other industrial uses as well; and copper, the most widely used form of electrical wiring.

? Livestock: Popular livestock like cattle and hogs are considered commodities.

How do you invest in commodities?

There are a few different ways you might invest in commodities or gain exposure to them:

1. Purchasing the physical commodity. It’s possible to purchase a raw commodity, like a gold bar. However, if you go this route, you’ll need to account for the costs associated with holding a physical commodity like storage fees.

2. Investing in commodity stocks or ETFs. If investing in physical commodities isn’t your speed, you can indirectly invest in commodities by investing in commodity stocks. These are stocks in companies that produce or process certain commodities. “This approach benefits from both commodity price increases and the potential of the company to add value by increasing production of a particular commodity or providing income through the payment of a dividend,” says Samuelson. A commodity ETF tracks the prices of a commodity or that commodity’s corresponding index and gives an investor ownership over a set of contracts backed by the commodity.

Pros and cons of investing in commodities

Like any other investment, commodities are not without their own set of benefits and drawbacks. If you’re thinking about investing in commodities, here are some of the major pros and cons to note:

Pro: Commodities can generate short-term profits. There’s no real way to time the market, but if you happen to purchase and sell a commodity at the right time, you could generate a significant profit. "Since futures contracts generally require only a 5% margin, you could control $100,000 of copper for an initial investment of only $5,000. If the underlying price of copper rose 10%, the value of the copper you control would increase from $100,000 to $110,000 providing a $10,000 profit, but the return on your initial investment of $5,000 would be 100% ($10,000 profit on $5,000 initial investment),” says Samuelson. “Of course, you need to be right on the direction of the price of copper, and you can get a margin call requiring you to put up more money if the position moves against you.”

Pro: Commodities can be a hedge against inflation. These assets tend to rise during times of high inflation when the value of the dollar sinks. According to 2021 research from Vanguard based on the Bloomberg Commodity Index, a 1% rise in unexpected inflation would produce a 7% to 9% rise in commodities.

Con: Commodities can be extremely volatile. While commodities may not behave like other asset classes, they can still be risky. "Commodities are notoriously volatile, and predicting their price movements can be difficult,” says Samuelson. “Unknowable events such as weather, geopolitics, and the global economic outlook can dramatically impact the supply and demand, and thus the price of commodities.”

Con: Commodities don’t produce income for investors. Some investments like stocks, bonds, and real estate produce regular income for investors through dividends or rental income, but commodities do not produce income for investors unless they’re sold and a profit is realized from that sale.

The takeaway

Knowing the different types of investments available for you to invest in and how they typically behave can help you broaden your scope, diversify your portfolio, and potentially help hedge against inflation during times of economic turmoil.

財(cái)富中文網(wǎng)所刊載內(nèi)容之知識(shí)產(chǎn)權(quán)為財(cái)富媒體知識(shí)產(chǎn)權(quán)有限公司及/或相關(guān)權(quán)利人專屬所有或持有,。未經(jīng)許可,,禁止進(jìn)行轉(zhuǎn)載,、摘編、復(fù)制及建立鏡像等任何使用,。
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