We're all Swensenians now

Back in 1971, Richard Nixon uttered the now-famous "We're all Keynesians now", a phrase, it turns out, he lifted from Milton Friedman. In an effort to get a handle on what's happening with commodity prices these days, I thought it might be helpful also to borrow the phrase again, albeit with a twist. Let's start by replacing the name of John Maynard Keynes with that of David Swensen, the chief investment officer at Yale. Swensen, you'll recall, is renowned for his pioneering work in the practica

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