In defense of commodities

摘要

There is,in my opinion,a false per-ception with respect to value creation,"says Volker Trautz,CEO of LyondellBasell(Rotterdam,Netherlands)."If you look to returns generated to the shareholder over longer periods,you will find that,by far,higher returns over time came from commodities."Trautz says that the returns aren't always consistent,with materials like polypropylene(PP)and polyethylene(PE)subject to cyclical swings and sensitive to increases in energy and feedstock costs,but over time the value is there-the key word being"time".