| Commodities are notoriously hard to index. While rational people argue about how to make an equity index, it’s fairly easy to agree on a few basic principles like “what is a large-cap stock,” or even more fundamentally, “what’s a stock.”
In commodities, there’s no such common ground. Otherwise-rational people in the commodities world rarely agree on things as simple as whether gold is even a commodity that should be indexed, or which version of oil (Brent or West Texas crude oil) should be included...........................................Full Article: Source
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