A little more than a year ago, Citi chief economist Willem Buiter said water was on its way to becoming “the single most important physical-commodity based asset class, dwaring oil, copper, agricultural commodities and precious metals”.
While we’re not quite there yet, the drought that continues to scorch US crops is providing a small preview of the future as Buiter sees it. With forecasts projecting that the US drought will get worse before it gets better, it’s worth thinking about how one is supposed to invest in something that literally falls out of the sky.
Commodities have been one of the more common-sense plays, as their supplies are being hammered by the lack of rain. Hedge funds are already projecting corn prices to continue their rise.
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