Unconventional becomes Unbelievable

We read with astonishment a recent Bloomberg article which pointed out that in a recent survey of 60 Central Bankers, “23% said they own shares or plan to buy them”. Combine this with the recent comments by Mario Draghi in which he commented that policy makers had ” an open mind on negative deposit rates”.  Is it just me, or are Central Bank actions starting to strain any level of credulity at all. In our minds, both are very targeted attempts on all forms of stranded liquidity. These actions are being taken against a backdrop of perceived dis-inflation, which is driving short term asset allocation decisions away from commodities/hard assets and towards fixed income and quasi fixed income. However, we re-emphasize that the seemingly contradictory behavior between global central bank actions and the price movements in various commodity sectors is laying the groundwork for the long term outperformance of said sectors. In short, actions speak louder than words, thus pay more attention to what Central Bankers are attempting to do, than what they are expressly stating they are attempting to do.