Incessant Central Bank activity has led to an even further heightened risk on/ risk off trade. We would posit however that it really has become a micro on/macro off trade, whereby Central Banks have tried to shift peoples focus away from the larger macro picture. If the phrase “Can’t see the forest for the trees” applies to investors in general, for todays investors even the trees are too big picture for them. It’s all about the noise because the accepted notion is that today’s noise is potentially tomorrows catastrophe. Our attitude is that investors, particularly those focused on commodities, should take advantage of this noise focused environment and look to those commodities in particular that have long term value which is currently obscured by short term noise.