There are conflicting opinions about whether the Bull Run in commodities is over or not. We view the recent pullback as a correction in prices. The bubble bursting argument just doesn’t make any sense being that a variety of commodities are still showing sizeable gains ytd. Some commodities may have over extended their move to the upside and now may come back to a more realistic value, but with more mouths to feed, consumption for raw materials (from base metals to energy) in emerging markets increasing, we view the idea of the bull market coming to a end as ridiculous. Even though there is no doubt that global consumption is slowing down at the moment, the longer-term trajectory for consumption is higher. We cannot dispute that prices have come down and in the short run will most likely come down more, but as opposed to running away from a market where prices are governed by supply and demand, we advise investors to actually do some homework and quantify the supply and demand and then tell me commodities are not in a multi-decade bull market. I am not implying prices will go up in a straight line, however we will continue to advise clients to buy dips. Restricted supply and more demand should lift the prices of commodities in the long term. Furthermore, along the way opportunities will present themselves to go short or bet on price depreciation; the same amount of money can be made or lost, it is simply figuring out the right direction.