Word of the Strategist (BRA) – Cycles of appreciation of raw materials are traditionally marked by economic growth higher than the initial position of expansion, such as temporary conditions of supply constraints and/or monetary stimuli. However, most people think linearly, not cyclically. Could someone in early 2014, forecast that oil prices would be back to $ 40/barrel? Or, similarly, that the iron ore would be traded around $ 45/ton? Or that the copper would hit its lowest level in six years?