What is the Cost of Being Early?

From Goehring & Rozencwajg

We first unveiled this chart (shown below) in our 1Q2019 letter and have since revisited it many times. It’s a chart of unassuming elegance, plotting nothing more than the ratio of a commodity total return index against the Dow Jones Industrial Average. The origins of this chart trace back to Jeffrey Gundlach of DoubleLine Capital, who in turn may have drawn inspiration from a similar chart published by Tony Boeckh, the astute founder of BCA Research and Alpine Macro.