The Anti-Grantham

Jeremy Grantham

Photo: GMO

Jeremy Grantham’s big new presentation on resource scarcity and the end of cheap commodities is making a huge splash.He presented a bunch of charts to show that a “paradigm” shift in commodities has occurred.

But there is another case.

A March presentation form Stifel Nicolaus’ Barry B. Bannister made the argument that commodities are at the peak of traditional, historical ranges. There hasn’t been a paradigm busting shift just yet.

10-year growth rates for commodities are in a slightly widening rage

5-year growth rates have been in a steady range

Corn prices have risen over time, but in orderly steps

We've had oil moves like this before

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