Commodities were not exactly the place to be in 2013. While the S&P 500 rose nearly 30 percent, the S&P GSCI Commodity Index dropped 3.5 percent. But in 2014, some investors are playing for that trade to turn around.
"I do think there are some reasons why you could be somewhat optimistic about the possibilities for commodities in 2014," said James Paulsen, of Wells Capital Management, who expects the asset class to outperform stocks and bonds in 2014.
"First of all, they got crushed over the last year and a half, and we kind of revalued the commodity market. So I think there's good value here for the first time."
On Tuesday's episode of "Futures Now," Paulsen said that his positive expectations for economic growth undergird his bullish commodity stance.
"The biggest problem commodities have had over the past year and a half or so is that there's been spotty growth in the world—contraction in Europe and Japan, a slowdown in the emerging world, a slug here in the United States at 2 percent," Paulsen said.
"You look now and that's a very different environment. We have the most synchronized global growth outlook here going into 2014 that we've ever had. There's positive and accelerating growth nearly everywhere. I can't help but think that's good for commodity demand."
What makes Paulsen's thesis so interesting is that his take on the global economy is fairly the opposite view of that held by many commodity bulls.