Analysis of Returns and Risks in Investments in Stocks with Exposure to the Commodity Cycle

This thesis focuses on the fundamental principles influencing stock prices with exposure to the commodity cycle, as well as the principles and factors affecting commodity prices and the commodity cycle. In the theoretical part of the thesis, it describes the theoretical characteristics of commodity markets, factors influencing commodity prices, and the principles affecting fundamental company metrics, based on which companies are valued on the stock exchange. In the practical part of the thesis, it verifies the described theoretical principles on three selected commodities and the relationship between stock index prices with exposure to the selected commodity, commodity prices, and the dependence of commodity prices on macroeconomic variables. The thesis confirmed the theoretical principles and outlined individual factors influencing the development of commodity and stock prices for the selected commodities.