| Raw land | Undeveloped land with no improvements; returns come solely from appreciation; highest risk among land investments |
| Farmland | Agricultural land that generates returns from crop production (operating income) and land appreciation; low correlation with traditional assets; inflation hedge |
| Timberland | Forest land managed for timber production; returns from harvest sales and land appreciation; biological growth provides natural production regardless of economic conditions |
| TIMO (Timber Investment Management Organization) | A specialized firm that manages timberland investments on behalf of institutional investors; handles harvesting, replanting, and land management |
| Commodity | A basic physical good (raw material) used in commerce that is interchangeable with other goods of the same type; traded on spot and futures markets |
| Soft commodity | Agricultural commodities that are grown rather than mined (e.g., wheat, corn, coffee, cotton, sugar, cocoa) |
| Hard commodity | Natural resources that are mined or extracted (e.g., gold, silver, copper, oil, natural gas, iron ore) |
| Contango | A futures market condition where the futures price exceeds the spot price (F0>S0); results in negative roll yield for long futures holders |
| Backwardation | A futures market condition where the futures price is below the spot price (F0<S0); results in positive roll yield for long futures holders |
| Convenience yield | The non-monetary benefit of holding a physical commodity (e.g., ability to meet unexpected demand, avoid supply disruptions); reduces the futures price relative to spot |
| CTA (Commodity Trading Advisor) | A professional or firm that uses futures contracts to implement systematic (often trend-following) investment strategies across commodity and financial markets |
| SMA (Separately Managed Account) | An individually owned investment account managed by a professional; provides customization and direct ownership of securities, unlike a pooled fund |
| Commodity ETF | An exchange-traded fund that provides exposure to commodity prices, either through physical holdings, futures contracts, or equity of commodity producers |