commodities

“We had again a little flurry with this whole idea that Commodities were good inflation hedge, but we just figured out that was nonsense. So we got rid of those.”

“Because if Biden or Trump wins from a macro perspective, I think dollars going down, I think ten-year yields are going up. I think U.S. Equities are going to do well, but I think global equities are going to do better. Commodities are also going to do extremel…”

“I think the rewiring of supply chains is growth positive. It's positive for commodities. You have to build new factories. You have to move stuff around.”

“We are at a cusp of a commodity super cycle, and a recession could obviously curtail that. It would waylay it, but not for a significant period of time.”

“And then you're going to start talking about embargoes of commodities, both self-imposed by Russia and perhaps imposed by the West. And then you're talking about inflationary impacts of this conflict being something akin to the 1973 Yom Kippur War, which is de…”

“And ironically, I think the best downside risk protection is commodities, which is weird because commodities should be correlated to growth. So when growth suffers, commodities should suffer with them. That's not really a good hedge the way bonds were. But I t…”

“You never know how steep or how flat that aging curve might be, but it is typically positively sloped. Whereas some other commodities can be up, can be down, you know, if you didn't sell your corn or your wheat or your timber this year, next year you might be …”

“Tokens are really interesting because they're very much a new asset class. They're the fifth asset class in the world. Pre-tokens, there were equities, fixed income, currencies, and commodities, and really every asset could be put into one of those four catego…”

“Commodities is the only one where we explicitly avoid and everything else is game. Everything else is open to investments, but we do maybe have a bias towards areas or sectors which are exposed to the big themes in Africa.”

“That was a big learning, so we don't do commodities today.”

“Because you learn about commodities, there's no yield, there's no income. So over time, they actually go down because of economies of scale.”

“For example, you know, physical trading takes a long time to build out. We didn't want to start with that.”

“We think commodities are one of the few things that have worked through stagflationary periods and inflationary periods, and we see no reason to think the future will be different, but you've got an added tailwind now that in the decarbonized economy, a lot of…”

“There are two macro hedge funds dedicated to emerging markets today. Two of them. There's none doing commodities.”