Brooke ThackrayBMO Broad Commodity ETFZCOM.CNBUYOct 28, 2025

You have to go back to the question of whether the Iran conflict is creating a temporary disruption, or will it last years and years? If it'll last years and years, then the equity market won't continue to make all-time highs. 

The equity market is saying this is temporary. If that's true, then you shouldn't be investing for 1-3 years in commodities. That's the camp he's in.

But each investor has to decide.

Commodities will do when nominal growth is strong (the economy is working and inflation picks up); so commodites will outperform most other assets. However, weak GDP periods means commodities underperform. He likes ZCOM for the exposure it gives, but not at current prices. Wait for it to fall 10%.