Stock price when the opinion was issued
All of these ETFs that have commodity futures in them have some issues. They try to mitigate them by not holding the front month and back month contracts. But they still have some contango. You can get up to a 6% drag from the rollover of futures contracts so unless you have robust growth in commodities, that drag will hurt performance. For the next 2-3 years he thinks we will not have such robust growth in commodities.
Make fracking sand. Rough year. Chinese imported synthetic fracking sand but now realize it is a lower quality and are moving back. 16x earnings. Nat Gas will be favourable now that Obama won election.