Take a read of this white paper (PDF). It argues the case for why one should invest in commodities. An excerpt:
A senior investment consultant at Watson Wyatt in a recent Financial Times article, stated that: ‘Commodities are a relatively easy asset class to understand and to invest in so they provide low hanging fruit for pension funds’ diversification purposes’. Although remarks like this must be very comforting if you are a pension fund trustee, they could not be further from the truth. Supply and demand relationships in commodity markets are extremely complex and completely different for different markets. To become a true expert in only one or two of commodity markets takes a lifetime of study. And even the experts are known to get it very wrong at times.
Of course trend followers trade all markets and they do not take a lifetime to learn one or two markets. Do some of these bright people even know of trend following? Or do they write in a vacuum?