All shook up

The financial crisis turned 2008 into an unforgettable year. The 2009 commodity rankings reveal those who triumphed despite adversity. By Roderick Bruce, with research by Xiao-Long Chen

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What a difference a year makes. In 2008, the Risk commodity rankings, like every one of the 13 previous surveys, was dominated by Goldman Sachs, which consistently placed first or second. While its status as king of commodities has often been successfully challenged by Morgan Stanley, its top-two position never seemed threatened.

Just 12 months later, however, an extraordinary year of credit writedowns, record commodity price volatility, the demise of investment banks and a global slowdown has

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