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Opening Statement from the December 2014 Intelligent Investor (Part 1)

First published on December 5, 2014 for subscribers to the Intelligent Investor

Despite persistent and widespread claims of a global recovery, very few fundamental improvements have been made in the world’s most worrisome economies. It is very possible that we will soon enter into a new period of increasing macroeconomic risk.

We continue to stand by our forecast of 450 for the CRB Index. We first set this price target nearly four years ago as we made predictions of a large deflation of the commodities bubble. This forecast was primarily based on our longer-term macroeconomic forecasts, which have been quite accurate.

Once the global economic