We revisit the question whether commodities should be included in investors' portfolios. We employ for the first time a stochastic dominance efficiency (SDE) approach to construct optimal portfolios with and without commodities and we evaluate their comparative performance. SDE circumvents the...

We revisit the question whether commodities should be included in investors' portfolios. We employ for the first time a stochastic dominance efficiency (SDE) approach to construct optimal portfolios with and without commodities and we evaluate their comparative performance. SDE circumvents the...

This paper investigates the diversification contribution of four main precious metals (i.e., gold, silver, platinum, and palladium) to a traditional portfolio of stocks, bonds, cash, and currencies, as well as the impact of the global financial crisis of 2008 on that contribution. We use a...