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| In a turnaround from an inversion to a carry like '96 to '97 and '12 to '13 I agree completely. It doesn't always work though. Case in point, last years huge inversion. Merchandiser "rules of thumb" would lead you to believe you should have delivererd in Oct'12 thru Feb'13. Cost of carry on paper was gone...... Reality was we were able to roll hedges through inverses and pick up enough basis improvement to pay the cost of the carry. Your charts probably didn't pick it up due in some part to the huge difference between posted and paid basis in such short year scenario's.
Just an fyi.....I set basis on all reamining inventory last week. | |
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Maizing
