Out of total global investible assets worth $230trn, commodity futures make up less than $500bn, or 0.2%.

在价值 230 万亿美元的全球可投资资产总额中，商品期货不到 5000 亿美元，即 0.2%。

Yet commodity futures remain an esoteric asset class rather than a portfolio staple.

然而，商品期货仍然是一种深奥的资产类别，而不是投资组合的主要组成部分。

Commodity futures can be mixed with other assets for a portfolio with a much better trade-off between risk and return.

商品期货可以与其他资产混合组成一个投资组合，在风险和回报之间取得更好的权衡。

Best of all for an investor fearing high inflation and low growth, commodity futures had an average excess return of 10% in stagflationary years.

对于担心高通胀和低增长的投资者来说， 最重要的是，商品期货在滞胀年份的平均超额回报率为 10%。

What is more, commodity futures—contracts offering exposure without requiring the purchase of actual barrels of oil or bushels of wheat—look like a diversified investor's dream asset.

更重要的是，商品期货——无需购买实际桶装石油或蒲式耳小麦即可提供敞口的合约——看起来像是多元化投资者的梦想资产。

At historical rates, a portfolio that is evenly split between stocks and commodity futures would have a better return than a stock-only portfolio, and three-quarters of the volatility.

按照历史汇率， 股票和商品期货之间平均分配的投资组合将比纯股票投资组合获得更好的回报，并且波动性只有四分之三。