Because of the diminished long-term return on invested capital and the inability for many commodity companies to build what Mr. Buffett and Morningstar call the "sustainable moat", clients have never owned substantial positions in commodity companies for longer periods of time. Yes, Alcoa (AA) and Freeport (FCX) have been owned as well as Energy (post Q1 '16), but I've found the sector (Basic Materials) and the asset class (commodities in general) to be tough investments in general, particularly today when - in the last 20 years - we've seen longer-term bear markets and now reasonable