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Should Commodities Be a Core Holding in an Asset Allocation? · Views from 6,230

0:10
Let's
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go.
0:18
Ryan Nauman Market Strategist Zephyr: Hello
0:18
Ryan Nauman Market Strategist Zephyr: everyone
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Ryan Nauman Market Strategist Zephyr: and
0:19
Ryan Nauman Market Strategist Zephyr: welcome
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Ryan Nauman Market Strategist Zephyr: to
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Ryan Nauman Market Strategist Zephyr: Zephyr's
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Ryan Nauman Market Strategist Zephyr: Adjuster
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Ryan Nauman Market Strategist Zephyr: Risk
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Ryan Nauman Market Strategist Zephyr: Podcast
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Ryan Nauman Market Strategist Zephyr: from
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: shores
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: Lake
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Ryan Nauman Market Strategist Zephyr: Tahoe.
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Ryan Nauman Market Strategist Zephyr: I'm
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Ryan Nauman Market Strategist Zephyr: Ryan
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Ryan Nauman Market Strategist Zephyr: Nauman,
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: market
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Ryan Nauman Market Strategist Zephyr: strategist
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Ryan Nauman Market Strategist Zephyr: here
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Ryan Nauman Market Strategist Zephyr: at
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Ryan Nauman Market Strategist Zephyr: Zephyr.
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: have
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Ryan Nauman Market Strategist Zephyr: another
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Ryan Nauman Market Strategist Zephyr: great
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Ryan Nauman Market Strategist Zephyr: show
0:29
Ryan Nauman Market Strategist Zephyr: lined
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Ryan Nauman Market Strategist Zephyr: up
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Ryan Nauman Market Strategist Zephyr: for
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Ryan Nauman Market Strategist Zephyr: us
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Ryan Nauman Market Strategist Zephyr: today.
0:31
Ryan Nauman Market Strategist Zephyr: The
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Ryan Nauman Market Strategist Zephyr: performance
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: gold
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Ryan Nauman Market Strategist Zephyr: in
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Ryan Nauman Market Strategist Zephyr: silver
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Ryan Nauman Market Strategist Zephyr: in
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Ryan Nauman Market Strategist Zephyr: 2025
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Ryan Nauman Market Strategist Zephyr: has
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Ryan Nauman Market Strategist Zephyr: put
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Ryan Nauman Market Strategist Zephyr: commodities
0:36
Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: map
0:36
Ryan Nauman Market Strategist Zephyr: again.
0:37
Ryan Nauman Market Strategist Zephyr: There
0:37
Ryan Nauman Market Strategist Zephyr: are
0:38
Ryan Nauman Market Strategist Zephyr: other
0:38
Ryan Nauman Market Strategist Zephyr: dynamics
0:39
Ryan Nauman Market Strategist Zephyr: that
0:39
Ryan Nauman Market Strategist Zephyr: are
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Ryan Nauman Market Strategist Zephyr: supporting
0:40
Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: recent
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Ryan Nauman Market Strategist Zephyr: demand.
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: have
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: perfect
0:43
Ryan Nauman Market Strategist Zephyr: guest
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Ryan Nauman Market Strategist Zephyr: to
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Ryan Nauman Market Strategist Zephyr: talk
0:44
Ryan Nauman Market Strategist Zephyr: about
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Ryan Nauman Market Strategist Zephyr: all
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Ryan Nauman Market Strategist Zephyr: things
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Ryan Nauman Market Strategist Zephyr: commodities
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: what
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Ryan Nauman Market Strategist Zephyr: it
0:46
Ryan Nauman Market Strategist Zephyr: all
0:46
Ryan Nauman Market Strategist Zephyr: means
0:47
Ryan Nauman Market Strategist Zephyr: for
0:47
Ryan Nauman Market Strategist Zephyr: financial
0:48
Ryan Nauman Market Strategist Zephyr: advisors.
0:49
Ryan Nauman Market Strategist Zephyr: But
0:50
Ryan Nauman Market Strategist Zephyr: first,
0:50
Ryan Nauman Market Strategist Zephyr: today's
0:51
Ryan Nauman Market Strategist Zephyr: episode
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Ryan Nauman Market Strategist Zephyr: is
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Ryan Nauman Market Strategist Zephyr: sponsored
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Ryan Nauman Market Strategist Zephyr: by
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: award-winning
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Ryan Nauman Market Strategist Zephyr: Zephyr,
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Ryan Nauman Market Strategist Zephyr: which
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Ryan Nauman Market Strategist Zephyr: helps
0:54
Ryan Nauman Market Strategist Zephyr: investment
0:55
Ryan Nauman Market Strategist Zephyr: professionals
0:55
Ryan Nauman Market Strategist Zephyr: make
0:56
Ryan Nauman Market Strategist Zephyr: more
0:56
Ryan Nauman Market Strategist Zephyr: informed
0:57
Ryan Nauman Market Strategist Zephyr: investment
0:58
Ryan Nauman Market Strategist Zephyr: decisions
0:58
Ryan Nauman Market Strategist Zephyr: on
0:58
Ryan Nauman Market Strategist Zephyr: behalf
0:59
Ryan Nauman Market Strategist Zephyr: of
0:59
Ryan Nauman Market Strategist Zephyr: their
0:59
Ryan Nauman Market Strategist Zephyr: clients.
1:00
Ryan Nauman Market Strategist Zephyr: Alright,
1:01
Ryan Nauman Market Strategist Zephyr: I've
1:01
Ryan Nauman Market Strategist Zephyr: already
1:02
Ryan Nauman Market Strategist Zephyr: talked
1:02
Ryan Nauman Market Strategist Zephyr: enough.
1:03
Ryan Nauman Market Strategist Zephyr: Let's
1:03
Ryan Nauman Market Strategist Zephyr: go
1:03
Ryan Nauman Market Strategist Zephyr: ahead
1:03
Ryan Nauman Market Strategist Zephyr: and
1:04
Ryan Nauman Market Strategist Zephyr: move
1:04
Ryan Nauman Market Strategist Zephyr: on
1:04
Ryan Nauman Market Strategist Zephyr: to
1:04
Ryan Nauman Market Strategist Zephyr: the
1:04
Ryan Nauman Market Strategist Zephyr: start
1:05
Ryan Nauman Market Strategist Zephyr: of
1:05
Ryan Nauman Market Strategist Zephyr: the
1:05
Ryan Nauman Market Strategist Zephyr: show.
1:06
Ryan Nauman Market Strategist Zephyr: I'd
1:06
Ryan Nauman Market Strategist Zephyr: like
1:06
Ryan Nauman Market Strategist Zephyr: to
1:06
Ryan Nauman Market Strategist Zephyr: give
1:07
Ryan Nauman Market Strategist Zephyr: a
1:07
Ryan Nauman Market Strategist Zephyr: very
1:07
Ryan Nauman Market Strategist Zephyr: warm
1:07
Ryan Nauman Market Strategist Zephyr: welcome
1:08
Ryan Nauman Market Strategist Zephyr: to
1:08
Ryan Nauman Market Strategist Zephyr: Paul
1:09
Ryan Nauman Market Strategist Zephyr: Bki.
1:10
Ryan Nauman Market Strategist Zephyr: Paul
1:11
Ryan Nauman Market Strategist Zephyr: is
1:11
Ryan Nauman Market Strategist Zephyr: the
1:11
Ryan Nauman Market Strategist Zephyr: head
1:12
Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: fund
1:12
Ryan Nauman Market Strategist Zephyr: strategy
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Ryan Nauman Market Strategist Zephyr: at
1:14
Ryan Nauman Market Strategist Zephyr: s
1:14
Ryan Nauman Market Strategist Zephyr: and
1:14
Ryan Nauman Market Strategist Zephyr: C
1:15
Ryan Nauman Market Strategist Zephyr: Alps
1:15
Ryan Nauman Market Strategist Zephyr: Advisors.
1:16
Ryan Nauman Market Strategist Zephyr: Paul,
1:17
Ryan Nauman Market Strategist Zephyr: thank
1:17
Ryan Nauman Market Strategist Zephyr: you
1:18
Ryan Nauman Market Strategist Zephyr: so
1:18
Ryan Nauman Market Strategist Zephyr: much
1:18
Ryan Nauman Market Strategist Zephyr: for
1:18
Ryan Nauman Market Strategist Zephyr: coming
1:19
Ryan Nauman Market Strategist Zephyr: on
1:19
Ryan Nauman Market Strategist Zephyr: the
1:19
Ryan Nauman Market Strategist Zephyr: show.
1:19
Ryan Nauman Market Strategist Zephyr: It's
1:19
Ryan Nauman Market Strategist Zephyr: an
1:19
Ryan Nauman Market Strategist Zephyr: honor
1:20
Ryan Nauman Market Strategist Zephyr: to
1:20
Ryan Nauman Market Strategist Zephyr: have
1:20
Ryan Nauman Market Strategist Zephyr: you
1:20
Ryan Nauman Market Strategist Zephyr: on
1:21
Ryan Nauman Market Strategist Zephyr: really
1:21
Ryan Nauman Market Strategist Zephyr: excited
1:21
Ryan Nauman Market Strategist Zephyr: about
1:21
Ryan Nauman Market Strategist Zephyr: this
1:22
Ryan Nauman Market Strategist Zephyr: conversation.
1:23
Ryan Nauman Market Strategist Zephyr: Just
1:24
Ryan Nauman Market Strategist Zephyr: before
1:24
Ryan Nauman Market Strategist Zephyr: we
1:24
Ryan Nauman Market Strategist Zephyr: went
1:24
Ryan Nauman Market Strategist Zephyr: live
1:25
Ryan Nauman Market Strategist Zephyr: here,
1:25
Ryan Nauman Market Strategist Zephyr: we
1:25
Ryan Nauman Market Strategist Zephyr: talked
1:26
Ryan Nauman Market Strategist Zephyr: that
1:26
Ryan Nauman Market Strategist Zephyr: you
1:26
Ryan Nauman Market Strategist Zephyr: have
1:27
Ryan Nauman Market Strategist Zephyr: connections
1:27
Ryan Nauman Market Strategist Zephyr: to
1:27
Ryan Nauman Market Strategist Zephyr: Tahoe
1:28
Ryan Nauman Market Strategist Zephyr: that
1:28
Ryan Nauman Market Strategist Zephyr: used
1:28
Ryan Nauman Market Strategist Zephyr: to
1:28
Ryan Nauman Market Strategist Zephyr: come
1:28
Ryan Nauman Market Strategist Zephyr: up
1:29
Ryan Nauman Market Strategist Zephyr: here
1:29
Ryan Nauman Market Strategist Zephyr: quite
1:29
Ryan Nauman Market Strategist Zephyr: a
1:29
Ryan Nauman Market Strategist Zephyr: bit.
1:29
Ryan Nauman Market Strategist Zephyr: Maybe
1:30
Ryan Nauman Market Strategist Zephyr: we
1:30
Ryan Nauman Market Strategist Zephyr: get
1:30
Ryan Nauman Market Strategist Zephyr: you
1:31
Ryan Nauman Market Strategist Zephyr: on
1:31
Ryan Nauman Market Strategist Zephyr: here
1:31
Ryan Nauman Market Strategist Zephyr: and
1:31
Ryan Nauman Market Strategist Zephyr: we
1:31
Ryan Nauman Market Strategist Zephyr: just
1:31
Ryan Nauman Market Strategist Zephyr: talk
1:32
Ryan Nauman Market Strategist Zephyr: talk
1:32
Ryan Nauman Market Strategist Zephyr: Tahoe
1:33
Ryan Nauman Market Strategist Zephyr: stories.
1:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: I
1:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: had
1:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: love
1:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: that
1:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: I
1:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: would
1:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: absolutely
1:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: make
1:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: my
1:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: day
1:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: to
1:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: talk
1:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: about
1:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Tahoe.
1:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: It's
1:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
1:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: very
1:38
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: special
1:38
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: place.
1:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: For
1:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: those
1:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: of
1:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: you
1:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: who
1:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: haven't
1:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: been,
1:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: figure
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: out
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: way
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: to
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: get
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: there,
1:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: one
1:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: of
1:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: the
1:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: most
1:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: beautiful
1:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: places
1:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: on
1:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: earth.
1:44
Ryan: Yeah,
1:44
Ryan: it's
1:44
Ryan: fantastic
1:45
Ryan: Paul,
1:45
Ryan: and
1:46
Ryan: it's,
1:47
Ryan: I
1:47
Ryan: often
1:47
Ryan: talk
1:47
Ryan: to
1:47
Ryan: people
1:48
Ryan: and
1:48
Ryan: they're
1:48
Ryan: like,
1:48
Ryan: how
1:49
Ryan: do
1:49
Ryan: you
1:49
Ryan: like
1:49
Ryan: living
1:49
Ryan: in
1:49
Ryan: Tahoe?
1:51
Ryan: It's
1:51
Ryan: like
1:51
Ryan: very
1:51
Ryan: isolated
1:52
Ryan: in
1:52
Ryan: terms
1:52
Ryan: of.
1:53
Ryan: Investment
1:54
Ryan: in
1:54
Ryan: the
1:55
Ryan: financial
1:55
Ryan: landscape.
1:56
Ryan: There's
1:56
Ryan: not
1:56
Ryan: a
1:56
Ryan: whole
1:57
Ryan: lot
1:57
Ryan: going
1:57
Ryan: on.
1:58
Ryan: Most
1:58
Ryan: of
1:58
Ryan: my
1:58
Ryan: conversations
1:59
Ryan: are
1:59
Ryan: with
1:59
Ryan: ski
1:59
Ryan: bums.
2:00
Ryan: Nothing
2:01
Ryan: wrong
2:01
Ryan: with
2:01
Ryan: ski
2:01
Ryan: bums,
2:02
Ryan: but
2:02
Ryan: that's
2:02
Ryan: where
2:02
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2:02
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2:02
Ryan: my
2:02
Ryan: conversations
2:03
Ryan: happen.
2:04
Ryan: But
2:04
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2:04
Ryan: amazing
2:05
Ryan: the
2:05
Ryan: connections
2:05
Ryan: people
2:06
Ryan: have.
2:06
Ryan: The
2:06
Ryan: Tahoe
2:06
Ryan: like
2:06
Ryan: yourself.
2:07
Ryan: There's
2:07
Ryan: a
2:07
Ryan: few
2:08
Ryan: other
2:08
Ryan: folks.
2:08
Ryan: Maybe
2:08
Ryan: we
2:09
Ryan: all
2:09
Ryan: need
2:09
Ryan: to
2:09
Ryan: get
2:09
Ryan: together
2:10
Ryan: and
2:10
Ryan: do
2:10
Ryan: a
2:10
Ryan: conference.
2:11
Ryan: Little
2:11
Ryan: powwow
2:12
Ryan: up
2:12
Ryan: here.
2:13
Paul Baiocchi: Yeah,
2:13
Paul Baiocchi: I'd
2:14
Paul Baiocchi: be
2:14
Paul Baiocchi: there.
2:14
Paul Baiocchi: Just
2:14
Paul Baiocchi: tell
2:14
Paul Baiocchi: me
2:14
Paul Baiocchi: when.
2:16
Ryan: Sounds
2:16
Ryan: good.
2:17
Ryan: Awesome,
2:18
Ryan: Paul,
2:18
Ryan: so
2:19
Ryan: why
2:19
Ryan: don't
2:19
Ryan: we
2:19
Ryan: go
2:19
Ryan: ahead
2:20
Ryan: and
2:20
Ryan: get
2:20
Ryan: started.
2:20
Ryan: Can
2:20
Ryan: you
2:20
Ryan: just
2:21
Ryan: tell
2:21
Ryan: us
2:21
Ryan: a
2:21
Ryan: little
2:21
Ryan: bit
2:21
Ryan: more
2:21
Ryan: about
2:22
Ryan: yourself
2:22
Ryan: and
2:23
Ryan: SS
2:23
Ryan: and
2:24
Ryan: C
2:24
Ryan: Alps
2:25
Ryan: advisors?
2:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Yeah,
2:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: so
2:27
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: SS
2:27
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
2:27
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: C
2:27
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: ops
2:28
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: advisors,
2:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: our
2:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: parent
2:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: company,
2:30
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: SS
2:30
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
2:30
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: C
2:31
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: is
2:31
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a.
2:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Publicly
2:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: traded
2:33
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: financial
2:33
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: technology
2:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: company,
2:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
2:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Alps
2:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: is
2:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: an
2:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: asset
2:36
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: manager
2:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: that
2:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: lives
2:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: within
2:38
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: SS
2:38
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
2:38
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: C,
2:38
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: so
2:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: mostly
2:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: ETFs.
2:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: We
2:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: do
2:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: mutual
2:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: funds
2:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
2:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: some
2:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: closed
2:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: end
2:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: funds
2:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: as
2:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: well,
2:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: but
2:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: we
2:44
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: issue
2:45
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
2:45
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: support
2:46
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: distribution
2:46
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: for
2:47
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: some
2:47
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: third
2:47
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: party
2:48
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: ETFs
2:48
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: as
2:48
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: well.
2:48
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: But
2:49
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: at
2:49
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
2:49
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: high
2:49
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: level.
2:50
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: What
2:50
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: we
2:50
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: do
2:51
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: is
2:51
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: we
2:51
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: offer
2:51
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: building
2:52
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: blocks
2:52
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: to
2:52
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: advisors
2:53
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: to
2:53
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: help
2:54
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: round
2:54
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: out
2:55
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: their
2:55
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: client
2:55
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: portfolios.
2:56
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: If
2:56
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: you
2:56
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: think
2:57
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: about
2:57
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: our
2:57
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: lineup,
2:58
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: it,
2:58
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: it's
2:58
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: pretty
2:58
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: cleanly
2:59
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: bucketed
2:59
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: into
3:00
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: four
3:00
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: categories.
3:00
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: So
3:01
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: you've
3:01
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: got
3:01
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: midstream,
3:01
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: most
3:02
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: people
3:02
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: know
3:02
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: us
3:02
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: for
3:03
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: A
3:03
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: MLP,
3:03
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: which
3:04
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: is
3:04
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: the
3:04
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: largest
3:05
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: most
3:05
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: liquid
3:05
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: M-L-P-E-T-F
3:06
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: on
3:06
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: the
3:07
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: market.
3:07
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Those
3:07
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: are
3:08
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: energy
3:08
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: infrastructure
3:09
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: portfolios,
3:10
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: which
3:10
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: provide
3:11
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: the
3:11
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: transportation
3:12
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: storage
3:13
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: processing
3:13
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: of
3:14
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: hydrocarbon,
3:14
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: specifically
3:15
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: crude
3:15
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: oil
3:16
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
3:16
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: natural
3:16
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: gas.
3:16
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: We've
3:17
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: got
3:17
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: some
3:17
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: factor
3:17
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: based
3:18
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: strategies.
3:19
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Some
3:19
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: thematic
3:20
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: strategies
3:21
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: as
3:21
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: well
3:21
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: as
3:22
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: increasingly
3:22
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: actively
3:23
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: managed
3:23
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: strategies.
3:24
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: So
3:24
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
3:24
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: lot
3:25
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: of
3:25
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: different
3:25
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: solutions
3:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: for
3:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
3:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: range
3:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: of
3:26
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: advisors
3:27
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
3:27
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
3:28
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: range
3:28
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: of
3:28
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: portfolio
3:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: types.
3:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: As
3:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: far
3:29
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: as
3:30
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: my
3:30
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: background
3:31
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: goes,
3:31
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Ryan,
3:31
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: I
3:31
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: grew
3:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: up
3:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: in
3:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: the
3:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: San
3:32
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Francisco
3:33
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Bay
3:33
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: area.
3:33
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: I've
3:33
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: been
3:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: in
3:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: the
3:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: ETF
3:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: world
3:34
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: now,
3:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: going
3:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: back
3:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: to
3:35
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: 2008,
3:37
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: 2009
3:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: was
3:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: at
3:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
3:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: research
3:39
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: firm,
3:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: etf.com.
3:40
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Once
3:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: upon
3:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: a
3:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: time,
3:41
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: joined
3:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Fidelity
3:42
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: after
3:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: that
3:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: and
3:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: have
3:43
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: been
3:44
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: at
3:44
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: Alps
3:44
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: now
3:45
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: since
3:45
Paul Baiocchi Head of Fund Strategy SS&C ALPS Advisors: 2020.
3:47
Ryan: Fantastic.
3:48
Ryan: So
3:48
Ryan: you've
3:48
Ryan: really
3:49
Ryan: seen
3:49
Ryan: a
3:49
Ryan: lot
3:49
Ryan: then
3:50
Ryan: in
3:50
Ryan: the
3:50
Ryan: whole
3:50
Ryan: ETF
3:50
Ryan: space.
3:51
Ryan: It's
3:51
Ryan: amazing
3:51
Ryan: how
3:52
Ryan: much
3:52
Ryan: it's
3:52
Ryan: evolved
3:53
Ryan: here,
3:54
Ryan: really
3:54
Ryan: just
3:54
Ryan: in
3:54
Ryan: the
3:55
Ryan: past
3:55
Ryan: two,
3:56
Ryan: three
3:56
Ryan: years,
3:57
Ryan: I
3:57
Ryan: would
3:57
Ryan: say,
3:57
Ryan: and
3:58
Ryan: it
3:58
Ryan: doesn't
3:58
Ryan: look
3:59
Ryan: like
3:59
Ryan: that
3:59
Ryan: evolution
4:00
Ryan: is
4:00
Ryan: slowing
4:00
Ryan: down
4:00
Ryan: anytime
4:01
Ryan: soon.
4:02
Paul Baiocchi: No,
4:02
Paul Baiocchi: the
4:02
Paul Baiocchi: amount
4:02
Paul Baiocchi: of
4:03
Paul Baiocchi: innovation
4:03
Paul Baiocchi: that
4:03
Paul Baiocchi: takes
4:04
Paul Baiocchi: place
4:04
Paul Baiocchi: every
4:04
Paul Baiocchi: single
4:04
Paul Baiocchi: day
4:05
Paul Baiocchi: in
4:05
Paul Baiocchi: ETFs
4:06
Paul Baiocchi: is
4:06
Paul Baiocchi: pretty
4:06
Paul Baiocchi: remarkable.
4:07
Paul Baiocchi: I
4:07
Paul Baiocchi: think
4:07
Paul Baiocchi: having
4:08
Paul Baiocchi: been
4:08
Paul Baiocchi: through
4:09
Paul Baiocchi: a
4:09
Paul Baiocchi: number
4:09
Paul Baiocchi: of
4:10
Paul Baiocchi: cycles
4:10
Paul Baiocchi: in
4:11
Paul Baiocchi: the
4:11
Paul Baiocchi: market
4:11
Paul Baiocchi: in
4:11
Paul Baiocchi: the
4:11
Paul Baiocchi: ETF
4:12
Paul Baiocchi: world
4:13
Paul Baiocchi: it
4:13
Paul Baiocchi: feels
4:13
Paul Baiocchi: as
4:13
Paul Baiocchi: if
4:14
Paul Baiocchi: every
4:14
Paul Baiocchi: year
4:15
Paul Baiocchi: is
4:15
Paul Baiocchi: the
4:15
Paul Baiocchi: year
4:15
Paul Baiocchi: where
4:15
Paul Baiocchi: you
4:16
Paul Baiocchi: say,
4:16
Paul Baiocchi: okay,
4:16
Paul Baiocchi: we've
4:17
Paul Baiocchi: got
4:17
Paul Baiocchi: enough
4:17
Paul Baiocchi: products.
4:18
Paul Baiocchi: Everyone's
4:19
Paul Baiocchi: figured
4:19
Paul Baiocchi: out.
4:20
Paul Baiocchi: The
4:20
Paul Baiocchi: shiny
4:20
Paul Baiocchi: new
4:21
Paul Baiocchi: toy,
4:21
Paul Baiocchi: there's
4:21
Paul Baiocchi: not
4:21
Paul Baiocchi: much
4:22
Paul Baiocchi: left
4:22
Paul Baiocchi: to
4:22
Paul Baiocchi: do
4:23
Paul Baiocchi: and
4:23
Paul Baiocchi: yet
4:23
Paul Baiocchi: people
4:24
Paul Baiocchi: continue
4:24
Paul Baiocchi: to
4:24
Paul Baiocchi: innovate
4:25
Paul Baiocchi: and
4:25
Paul Baiocchi: challenge
4:26
Paul Baiocchi: that
4:26
Paul Baiocchi: narrative.
4:27
Paul Baiocchi: And
4:27
Paul Baiocchi: it's
4:27
Paul Baiocchi: remarkable
4:28
Paul Baiocchi: because
4:28
Paul Baiocchi: in
4:28
Paul Baiocchi: many
4:28
Paul Baiocchi: ways
4:29
Paul Baiocchi: it's
4:29
Paul Baiocchi: additive
4:29
Paul Baiocchi: to
4:30
Paul Baiocchi: the
4:30
Paul Baiocchi: client
4:30
Paul Baiocchi: experience,
4:31
Paul Baiocchi: which
4:31
Paul Baiocchi: is
4:31
Paul Baiocchi: what
4:31
Paul Baiocchi: we're
4:31
Paul Baiocchi: all
4:31
Paul Baiocchi: here
4:32
Paul Baiocchi: for
4:32
Paul Baiocchi: is
4:32
Paul Baiocchi: Sure.
4:33
Paul Baiocchi: We're
4:33
Paul Baiocchi: trying
4:34
Paul Baiocchi: to
4:34
Paul Baiocchi: engage
4:34
Paul Baiocchi: around
4:34
Paul Baiocchi: high
4:35
Paul Baiocchi: level
4:35
Paul Baiocchi: market
4:35
Paul Baiocchi: themes
4:36
Paul Baiocchi: and
4:36
Paul Baiocchi: we're
4:36
Paul Baiocchi: trying
4:36
Paul Baiocchi: to
4:36
Paul Baiocchi: inform
4:37
Paul Baiocchi: advisors
4:37
Paul Baiocchi: and
4:37
Paul Baiocchi: trying
4:38
Paul Baiocchi: to
4:39
Paul Baiocchi: secure
4:39
Paul Baiocchi: allocations.
4:40
Paul Baiocchi: In
4:40
Paul Baiocchi: their
4:40
Paul Baiocchi: model
4:41
Paul Baiocchi: portfolios
4:41
Paul Baiocchi: or
4:41
Paul Baiocchi: in
4:42
Paul Baiocchi: their
4:42
Paul Baiocchi: investment
4:42
Paul Baiocchi: framework.
4:43
Paul Baiocchi: But
4:43
Paul Baiocchi: at
4:43
Paul Baiocchi: the
4:43
Paul Baiocchi: end
4:44
Paul Baiocchi: of
4:44
Paul Baiocchi: the
4:44
Paul Baiocchi: day,
4:45
Paul Baiocchi: what
4:45
Paul Baiocchi: they're
4:45
Paul Baiocchi: trying
4:46
Paul Baiocchi: to
4:46
Paul Baiocchi: do
4:46
Paul Baiocchi: is
4:46
Paul Baiocchi: ensure
4:46
Paul Baiocchi: that
4:47
Paul Baiocchi: their
4:47
Paul Baiocchi: clients
4:48
Paul Baiocchi: meet
4:48
Paul Baiocchi: their
4:48
Paul Baiocchi: financial
4:49
Paul Baiocchi: objectives
4:49
Paul Baiocchi: and
4:50
Paul Baiocchi: realize
4:50
Paul Baiocchi: their
4:50
Paul Baiocchi: ambitions.
4:52
Ryan: Yeah,
4:52
Ryan: Paul,
4:53
Ryan: that
4:53
Ryan: is
4:53
Ryan: spot
4:53
Ryan: on
4:54
Ryan: and
4:54
Ryan: I'm
4:54
Ryan: so
4:54
Ryan: glad
4:54
Ryan: you
4:54
Ryan: brought
4:55
Ryan: that
4:55
Ryan: up.
4:55
Ryan: It
4:55
Ryan: was
4:55
Ryan: a
4:55
Ryan: great
4:56
Ryan: way
4:56
Ryan: to
4:56
Ryan: just
4:56
Ryan: kinda
4:56
Ryan: set
4:56
Ryan: the
4:56
Ryan: stage
4:57
Ryan: here.
4:58
Ryan: 'cause
4:58
Ryan: you're
4:58
Ryan: right,
4:59
Ryan: we're
4:59
Ryan: gonna
4:59
Ryan: talk
4:59
Ryan: about
4:59
Ryan: a
5:00
Ryan: lot
5:00
Ryan: of
5:00
Ryan: things
5:00
Ryan: over
5:01
Ryan: the
5:01
Ryan: course
5:01
Ryan: of
5:01
Ryan: the
5:01
Ryan: next
5:02
Ryan: 30,
5:02
Ryan: 40
5:02
Ryan: minutes
5:03
Ryan: here.
5:03
Ryan: But
5:04
Ryan: at
5:04
Ryan: the
5:04
Ryan: end
5:04
Ryan: of
5:04
Ryan: the
5:04
Ryan: day,
5:04
Ryan: it's
5:05
Ryan: all
5:05
Ryan: about
5:05
Ryan: the
5:05
Ryan: end
5:05
Ryan: investor,
5:06
Ryan: the
5:06
Ryan: financial
5:07
Ryan: advisors,
5:07
Ryan: clients
5:08
Ryan: that
5:08
Ryan: trying
5:09
Ryan: to
5:09
Ryan: make
5:09
Ryan: better
5:09
Ryan: outcomes
5:10
Ryan: for
5:10
Ryan: them
5:10
Ryan: so
5:10
Ryan: they
5:11
Ryan: can
5:11
Ryan: achieve
5:11
Ryan: their.
5:12
Ryan: Investment
5:13
Ryan: objectives,
5:13
Ryan: whether
5:14
Ryan: that's
5:14
Ryan: through
5:15
Ryan: just
5:16
Ryan: a
5:16
Ryan: basic
5:17
Ryan: index,
5:17
Ryan: ETF
5:18
Ryan: or
5:18
Ryan: an
5:19
Ryan: active
5:19
Ryan: leverage
5:20
Ryan: single
5:21
Ryan: stock
5:21
Ryan: ETF.
5:22
Ryan: And
5:23
Ryan: I
5:23
Ryan: don't
5:23
Ryan: know
5:23
Ryan: Paul,
5:24
Ryan: some
5:24
Ryan: of
5:24
Ryan: those,
5:24
Ryan: I
5:25
Ryan: re
5:25
Ryan: read
5:25
Ryan: about
5:26
Ryan: 'em,
5:26
Ryan: it
5:26
Ryan: goes
5:26
Ryan: right
5:26
Ryan: over
5:27
Ryan: my
5:27
Ryan: head
5:27
Ryan: is
5:27
Ryan: I
5:28
Ryan: don't
5:28
Ryan: know
5:28
Ryan: what's
5:28
Ryan: going
5:28
Ryan: on
5:29
Ryan: here,
5:29
Ryan: but
5:31
Ryan: people
5:31
Ryan: like
5:31
Ryan: 'em,
5:31
Paul Baiocchi: an
5:32
Paul Baiocchi: yeah.
5:33
Ryan: Yeah.
5:33
Ryan: So
5:34
Ryan: Paul,
5:34
Ryan: let's
5:35
Ryan: start
5:35
Ryan: by
5:35
Ryan: just
5:35
Ryan: talking
5:36
Ryan: about
5:36
Ryan: the
5:37
Ryan: conflict
5:37
Ryan: in
5:38
Ryan: Iran,
5:38
Ryan: whether
5:38
Ryan: it's
5:38
Ryan: a
5:38
Ryan: war
5:39
Ryan: conflict,
5:40
Ryan: however
5:40
Ryan: you
5:40
Ryan: wanna
5:41
Ryan: talk
5:41
Ryan: about,
5:41
Ryan: it's
5:41
Ryan: taught
5:42
Ryan: us
5:42
Ryan: a
5:42
Ryan: lot
5:42
Ryan: about
5:42
Ryan: portfolio
5:43
Ryan: construction
5:44
Ryan: and,
5:45
Ryan: how
5:45
Ryan: the
5:45
Ryan: bill
5:46
Ryan: portfolios
5:46
Ryan: for
5:47
Ryan: times
5:47
Ryan: of
5:47
Ryan: crisis
5:48
Ryan: and,
5:49
Ryan: the
5:50
Ryan: diversification.
5:51
Ryan: What
5:51
Ryan: has
5:52
Ryan: the
5:52
Ryan: conflict
5:53
Ryan: in
5:53
Ryan: Rrn
5:53
Ryan: taught
5:53
Ryan: you
5:54
Ryan: about
5:54
Ryan: portfolio
5:55
Ryan: construction
5:56
Ryan: and
5:57
Ryan: what
5:57
Ryan: maybe
5:58
Ryan: it.
5:58
Ryan: Has
5:59
Ryan: it
5:59
Ryan: led
5:59
Ryan: us
6:00
Ryan: to
6:00
Ryan: open
6:00
Ryan: our
6:00
Ryan: eyes
6:01
Ryan: up
6:01
Ryan: a
6:01
Ryan: little
6:01
Ryan: bit
6:01
Ryan: more
6:02
Ryan: moving
6:02
Ryan: forward?
6:03
Paul Baiocchi: Yeah,
6:03
Paul Baiocchi: so
6:04
Paul Baiocchi: we're
6:04
Paul Baiocchi: getting
6:04
Paul Baiocchi: some
6:04
Paul Baiocchi: news
6:04
Paul Baiocchi: today
6:05
Paul Baiocchi: as
6:05
Paul Baiocchi: we're
6:05
Paul Baiocchi: recording
6:05
Paul Baiocchi: this,
6:06
Paul Baiocchi: that
6:06
Paul Baiocchi: it
6:06
Paul Baiocchi: looks
6:06
Paul Baiocchi: like
6:06
Paul Baiocchi: the
6:06
Paul Baiocchi: strait
6:07
Paul Baiocchi: is
6:07
Paul Baiocchi: open
6:08
Paul Baiocchi: oil
6:08
Paul Baiocchi: prices
6:09
Paul Baiocchi: are
6:09
Paul Baiocchi: down
6:09
Paul Baiocchi: 10
6:09
Paul Baiocchi: bucks,
6:10
Paul Baiocchi: energy
6:10
Paul Baiocchi: sector
6:11
Paul Baiocchi: selling
6:11
Paul Baiocchi: off.
6:12
Paul Baiocchi: And
6:12
Paul Baiocchi: some
6:13
Paul Baiocchi: people
6:13
Paul Baiocchi: might
6:13
Paul Baiocchi: see
6:13
Paul Baiocchi: that
6:14
Paul Baiocchi: type
6:14
Paul Baiocchi: of
6:14
Paul Baiocchi: news
6:14
Paul Baiocchi: flow
6:15
Paul Baiocchi: and
6:15
Paul Baiocchi: say,
6:15
Paul Baiocchi: okay,
6:15
Paul Baiocchi: back
6:16
Paul Baiocchi: to
6:16
Paul Baiocchi: normal
6:16
Paul Baiocchi: or
6:16
Paul Baiocchi: back
6:17
Paul Baiocchi: to
6:17
Paul Baiocchi: pre
6:17
Paul Baiocchi: February
6:18
Paul Baiocchi: 27th.
6:19
Paul Baiocchi: And
6:19
Paul Baiocchi: I
6:19
Paul Baiocchi: think
6:20
Paul Baiocchi: there's
6:20
Paul Baiocchi: a
6:20
Paul Baiocchi: danger
6:21
Paul Baiocchi: in
6:21
Paul Baiocchi: that
6:21
Paul Baiocchi: because
6:22
Paul Baiocchi: one
6:22
Paul Baiocchi: of
6:22
Paul Baiocchi: the
6:22
Paul Baiocchi: key.
6:23
Paul Baiocchi: Learnings
6:24
Paul Baiocchi: from
6:24
Paul Baiocchi: this
6:24
Paul Baiocchi: is
6:24
Paul Baiocchi: just
6:25
Paul Baiocchi: how
6:25
Paul Baiocchi: fraught
6:25
Paul Baiocchi: global
6:26
Paul Baiocchi: commodities
6:26
Paul Baiocchi: markets
6:27
Paul Baiocchi: are,
6:28
Paul Baiocchi: even
6:28
Paul Baiocchi: in
6:28
Paul Baiocchi: a
6:28
Paul Baiocchi: good
6:28
Paul Baiocchi: environment
6:29
Paul Baiocchi: of
6:29
Paul Baiocchi: a
6:30
Paul Baiocchi: peaceful
6:30
Paul Baiocchi: backdrop.
6:31
Paul Baiocchi: Not
6:32
Paul Baiocchi: saying
6:32
Paul Baiocchi: that
6:32
Paul Baiocchi: even
6:33
Paul Baiocchi: before
6:33
Paul Baiocchi: this
6:34
Paul Baiocchi: Iran
6:34
Paul Baiocchi: conflict,
6:34
Paul Baiocchi: the
6:35
Paul Baiocchi: world
6:35
Paul Baiocchi: was
6:35
Paul Baiocchi: completely
6:35
Paul Baiocchi: at
6:35
Paul Baiocchi: peace.
6:36
Paul Baiocchi: 'cause
6:36
Paul Baiocchi: there's
6:36
Paul Baiocchi: conflicts
6:37
Paul Baiocchi: going
6:37
Paul Baiocchi: on,
6:37
Paul Baiocchi: of
6:37
Paul Baiocchi: course,
6:37
Paul Baiocchi: in
6:38
Paul Baiocchi: Ukraine
6:38
Paul Baiocchi: and.
6:40
Paul Baiocchi: in,
6:40
Paul Baiocchi: in
6:40
Paul Baiocchi: other
6:41
Paul Baiocchi: parts
6:41
Paul Baiocchi: of
6:41
Paul Baiocchi: the
6:41
Paul Baiocchi: Middle
6:41
Paul Baiocchi: East
6:42
Paul Baiocchi: and
6:42
Paul Baiocchi: other
6:42
Paul Baiocchi: parts
6:42
Paul Baiocchi: of
6:42
Paul Baiocchi: the
6:42
Paul Baiocchi: world.
6:43
Paul Baiocchi: But
6:43
Paul Baiocchi: at
6:43
Paul Baiocchi: a
6:43
Paul Baiocchi: high
6:44
Paul Baiocchi: level,
6:44
Paul Baiocchi: this
6:45
Paul Baiocchi: is
6:45
Paul Baiocchi: just
6:45
Paul Baiocchi: a
6:45
Paul Baiocchi: reminder
6:46
Paul Baiocchi: that
6:46
Paul Baiocchi: all
6:47
Paul Baiocchi: of
6:47
Paul Baiocchi: these
6:47
Paul Baiocchi: commodities,
6:47
Paul Baiocchi: whether
6:48
Paul Baiocchi: they
6:48
Paul Baiocchi: be
6:48
Paul Baiocchi: soft
6:48
Paul Baiocchi: commodities,
6:49
Paul Baiocchi: agricultural,
6:49
Paul Baiocchi: commodities,
6:50
Paul Baiocchi: energy,
6:51
Paul Baiocchi: commodities
6:52
Paul Baiocchi: the
6:52
Paul Baiocchi: base
6:52
Paul Baiocchi: metals
6:52
Paul Baiocchi: important
6:53
Paul Baiocchi: to
6:53
Paul Baiocchi: infrastructure
6:54
Paul Baiocchi: development
6:55
Paul Baiocchi: and
6:55
Paul Baiocchi: tied
6:56
Paul Baiocchi: into
6:56
Paul Baiocchi: some
6:56
Paul Baiocchi: of
6:56
Paul Baiocchi: this
6:56
Paul Baiocchi: AI
6:57
Paul Baiocchi: investment
6:58
Paul Baiocchi: is.
6:59
Paul Baiocchi: all
6:59
Paul Baiocchi: live
6:59
Paul Baiocchi: on
7:00
Paul Baiocchi: a
7:00
Paul Baiocchi: razor's
7:00
Paul Baiocchi: edge.
7:01
Paul Baiocchi: The
7:01
Paul Baiocchi: supply
7:01
Paul Baiocchi: and
7:01
Paul Baiocchi: demand
7:01
Paul Baiocchi: dynamics
7:02
Paul Baiocchi: are
7:02
Paul Baiocchi: very
7:03
Paul Baiocchi: challenged
7:04
Paul Baiocchi: at
7:04
Paul Baiocchi: all
7:04
Paul Baiocchi: times.
7:05
Paul Baiocchi: And
7:05
Paul Baiocchi: a
7:05
Paul Baiocchi: conflict
7:06
Paul Baiocchi: like
7:06
Paul Baiocchi: this
7:07
Paul Baiocchi: where
7:07
Paul Baiocchi: you
7:07
Paul Baiocchi: have
7:07
Paul Baiocchi: 20%
7:08
Paul Baiocchi: or
7:08
Paul Baiocchi: so
7:08
Paul Baiocchi: of
7:08
Paul Baiocchi: the
7:09
Paul Baiocchi: world's
7:09
Paul Baiocchi: energy
7:10
Paul Baiocchi: basically
7:11
Paul Baiocchi: shut
7:11
Paul Baiocchi: off
7:12
Paul Baiocchi: in
7:12
Paul Baiocchi: short
7:12
Paul Baiocchi: order,
7:13
Paul Baiocchi: does
7:13
Paul Baiocchi: remind
7:14
Paul Baiocchi: us
7:14
Paul Baiocchi: how
7:14
Paul Baiocchi: fraught
7:15
Paul Baiocchi: those
7:15
Paul Baiocchi: markets
7:16
Paul Baiocchi: are.
7:16
Paul Baiocchi: And
7:16
Paul Baiocchi: it
7:17
Paul Baiocchi: should
7:17
Paul Baiocchi: be
7:17
Paul Baiocchi: a
7:17
Paul Baiocchi: reminder
7:18
Paul Baiocchi: to
7:18
Paul Baiocchi: everyone
7:18
Paul Baiocchi: that
7:19
Paul Baiocchi: as
7:19
Paul Baiocchi: we
7:19
Paul Baiocchi: try.
7:20
Paul Baiocchi: And
7:21
Paul Baiocchi: achieve
7:22
Paul Baiocchi: these
7:22
Paul Baiocchi: massive
7:22
Paul Baiocchi: ambitions
7:23
Paul Baiocchi: we
7:23
Paul Baiocchi: have
7:23
Paul Baiocchi: around
7:24
Paul Baiocchi: infrastructure,
7:24
Paul Baiocchi: investment
7:25
Paul Baiocchi: and
7:26
Paul Baiocchi: ai.
7:27
Paul Baiocchi: Dema
7:27
Paul Baiocchi: data
7:27
Paul Baiocchi: center
7:28
Paul Baiocchi: investment,
7:29
Paul Baiocchi: as
7:29
Paul Baiocchi: well
7:29
Paul Baiocchi: as
7:29
Paul Baiocchi: just
7:30
Paul Baiocchi: the
7:30
Paul Baiocchi: modernization
7:30
Paul Baiocchi: of
7:31
Paul Baiocchi: the
7:31
Paul Baiocchi: economy,
7:31
Paul Baiocchi: of
7:31
Paul Baiocchi: the
7:31
Paul Baiocchi: electrification
7:32
Paul Baiocchi: of
7:32
Paul Baiocchi: the
7:32
Paul Baiocchi: economy,
7:33
Paul Baiocchi: the
7:33
Paul Baiocchi: supply
7:34
Paul Baiocchi: and
7:34
Paul Baiocchi: demand
7:34
Paul Baiocchi: imbalance
7:35
Paul Baiocchi: for
7:35
Paul Baiocchi: a
7:35
Paul Baiocchi: lot
7:36
Paul Baiocchi: of
7:36
Paul Baiocchi: these
7:36
Paul Baiocchi: commodities.
7:37
Paul Baiocchi: It
7:37
Paul Baiocchi: likely
7:38
Paul Baiocchi: to
7:38
Paul Baiocchi: be
7:38
Paul Baiocchi: exacerbated,
7:39
Paul Baiocchi: even
7:40
Paul Baiocchi: absent
7:40
Paul Baiocchi: a
7:41
Paul Baiocchi: conflict
7:42
Paul Baiocchi: like
7:42
Paul Baiocchi: we
7:42
Paul Baiocchi: saw
7:43
Paul Baiocchi: in
7:43
Paul Baiocchi: Iran.
7:43
Paul Baiocchi: And
7:44
Paul Baiocchi: importantly,
7:45
Paul Baiocchi: that
7:45
Paul Baiocchi: dynamic
7:46
Paul Baiocchi: in
7:46
Paul Baiocchi: and
7:46
Paul Baiocchi: of
7:46
Paul Baiocchi: itself
7:47
Paul Baiocchi: creates
7:47
Paul Baiocchi: a
7:47
Paul Baiocchi: very
7:48
Paul Baiocchi: powerful
7:48
Paul Baiocchi: portfolio
7:49
Paul Baiocchi: construction
7:49
Paul Baiocchi: tool.
7:50
Paul Baiocchi: If
7:50
Paul Baiocchi: you
7:50
Paul Baiocchi: think
7:50
Paul Baiocchi: about
7:50
Paul Baiocchi: the
7:50
Paul Baiocchi: energy
7:51
Paul Baiocchi: sector,
7:51
Paul Baiocchi: which
7:51
Paul Baiocchi: is
7:52
Paul Baiocchi: part
7:52
Paul Baiocchi: of
7:52
Paul Baiocchi: the
7:52
Paul Baiocchi: commodities
7:53
Paul Baiocchi: landscape.
7:53
Paul Baiocchi: Energy,
7:54
Paul Baiocchi: commodities
7:54
Paul Baiocchi: dominate
7:55
Paul Baiocchi: most
7:56
Paul Baiocchi: commodities
7:56
Paul Baiocchi: benchmarks
7:57
Paul Baiocchi: during
7:58
Paul Baiocchi: this
7:58
Paul Baiocchi: cycle.
7:58
Paul Baiocchi: Dating
7:59
Paul Baiocchi: back
7:59
Paul Baiocchi: to
7:59
Paul Baiocchi: the
7:59
Paul Baiocchi: beginning
8:00
Paul Baiocchi: of
8:00
Paul Baiocchi: the
8:00
Paul Baiocchi: conflict,
8:01
Paul Baiocchi: the
8:01
Paul Baiocchi: energy
8:01
Paul Baiocchi: sector
8:02
Paul Baiocchi: actually
8:02
Paul Baiocchi: had
8:02
Paul Baiocchi: negative
8:03
Paul Baiocchi: correlation
8:04
Paul Baiocchi: to
8:04
Paul Baiocchi: the
8:04
Paul Baiocchi: s
8:04
Paul Baiocchi: and
8:04
Paul Baiocchi: p
8:04
Paul Baiocchi: 500.
8:05
Paul Baiocchi: Not
8:05
Paul Baiocchi: many
8:06
Paul Baiocchi: publicly
8:06
Paul Baiocchi: traded
8:07
Paul Baiocchi: equities
8:07
Paul Baiocchi: for
8:07
Paul Baiocchi: that
8:08
Paul Baiocchi: matter
8:08
Paul Baiocchi: or
8:08
Paul Baiocchi: other
8:09
Paul Baiocchi: asset
8:09
Paul Baiocchi: classes
8:09
Paul Baiocchi: have
8:10
Paul Baiocchi: negative
8:10
Paul Baiocchi: correlation
8:11
Paul Baiocchi: to
8:11
Paul Baiocchi: the
8:12
Paul Baiocchi: stock
8:12
Paul Baiocchi: market
8:12
Paul Baiocchi: over
8:13
Paul Baiocchi: a
8:13
Paul Baiocchi: long
8:13
Paul Baiocchi: period
8:13
Paul Baiocchi: of
8:13
Paul Baiocchi: time.
8:14
Paul Baiocchi: But
8:14
Paul Baiocchi: over
8:14
Paul Baiocchi: the
8:14
Paul Baiocchi: course
8:15
Paul Baiocchi: of
8:15
Paul Baiocchi: the
8:15
Paul Baiocchi: past
8:15
Paul Baiocchi: month
8:15
Paul Baiocchi: and
8:15
Paul Baiocchi: change,
8:16
Paul Baiocchi: the
8:16
Paul Baiocchi: energy
8:17
Paul Baiocchi: sector
8:17
Paul Baiocchi: has
8:17
Paul Baiocchi: had
8:17
Paul Baiocchi: negative
8:18
Paul Baiocchi: correlation.
8:19
Paul Baiocchi: To
8:19
Paul Baiocchi: the
8:19
Paul Baiocchi: commodities,
8:20
Paul Baiocchi: to
8:20
Paul Baiocchi: the
8:20
Paul Baiocchi: s
8:21
Paul Baiocchi: and
8:21
Paul Baiocchi: b
8:21
Paul Baiocchi: 500.
8:21
Paul Baiocchi: And
8:22
Paul Baiocchi: if
8:22
Paul Baiocchi: you
8:22
Paul Baiocchi: think
8:22
Paul Baiocchi: about
8:23
Paul Baiocchi: what
8:23
Paul Baiocchi: the
8:23
Paul Baiocchi: implications
8:23
Paul Baiocchi: of
8:23
Paul Baiocchi: that
8:24
Paul Baiocchi: are
8:24
Paul Baiocchi: first
8:24
Paul Baiocchi: of
8:24
Paul Baiocchi: all,
8:25
Paul Baiocchi: the
8:25
Paul Baiocchi: s
8:25
Paul Baiocchi: and
8:25
Paul Baiocchi: b
8:25
Paul Baiocchi: 500
8:26
Paul Baiocchi: has
8:26
Paul Baiocchi: less
8:26
Paul Baiocchi: than
8:26
Paul Baiocchi: 5%
8:27
Paul Baiocchi: weight
8:28
Paul Baiocchi: to
8:28
Paul Baiocchi: the
8:28
Paul Baiocchi: energy
8:28
Paul Baiocchi: sector.
8:29
Paul Baiocchi: So
8:29
Paul Baiocchi: most
8:29
Paul Baiocchi: people
8:29
Paul Baiocchi: don't
8:30
Paul Baiocchi: own
8:30
Paul Baiocchi: a
8:30
Paul Baiocchi: lot
8:30
Paul Baiocchi: of
8:30
Paul Baiocchi: it.
8:30
Paul Baiocchi: And
8:31
Paul Baiocchi: then
8:31
Paul Baiocchi: you
8:31
Paul Baiocchi: extend
8:31
Paul Baiocchi: beyond
8:32
Paul Baiocchi: energy
8:32
Paul Baiocchi: to
8:33
Paul Baiocchi: some
8:33
Paul Baiocchi: of
8:33
Paul Baiocchi: the
8:33
Paul Baiocchi: other
8:33
Paul Baiocchi: commodities
8:34
Paul Baiocchi: that
8:34
Paul Baiocchi: have
8:34
Paul Baiocchi: been
8:34
Paul Baiocchi: impacted
8:35
Paul Baiocchi: by
8:35
Paul Baiocchi: this
8:35
Paul Baiocchi: fertilizer,
8:36
Paul Baiocchi: aluminum,
8:37
Paul Baiocchi: helium,
8:38
Paul Baiocchi: and
8:38
Paul Baiocchi: important
8:38
Paul Baiocchi: input
8:38
Paul Baiocchi: into
8:38
Paul Baiocchi: chip
8:39
Paul Baiocchi: manufacturing.
8:40
Paul Baiocchi: And
8:40
Paul Baiocchi: you
8:40
Paul Baiocchi: start
8:40
Paul Baiocchi: to
8:40
Paul Baiocchi: wake
8:41
Paul Baiocchi: up
8:41
Paul Baiocchi: to
8:41
Paul Baiocchi: the
8:41
Paul Baiocchi: fact
8:41
Paul Baiocchi: that
8:42
Paul Baiocchi: these
8:42
Paul Baiocchi: are
8:42
Paul Baiocchi: very
8:43
Paul Baiocchi: constrained,
8:43
Paul Baiocchi: scarce
8:44
Paul Baiocchi: markets.
8:45
Paul Baiocchi: And
8:45
Paul Baiocchi: even
8:45
Paul Baiocchi: if
8:45
Paul Baiocchi: we
8:45
Paul Baiocchi: get
8:46
Paul Baiocchi: a
8:46
Paul Baiocchi: meaningful
8:46
Paul Baiocchi: resolution
8:47
Paul Baiocchi: of
8:47
Paul Baiocchi: what
8:47
Paul Baiocchi: happens
8:47
Paul Baiocchi: in
8:47
Paul Baiocchi: Iran.
8:48
Paul Baiocchi: The
8:49
Paul Baiocchi: takeaway
8:49
Paul Baiocchi: should
8:49
Paul Baiocchi: be
8:49
Paul Baiocchi: that
8:50
Paul Baiocchi: most
8:50
Paul Baiocchi: of
8:50
Paul Baiocchi: these
8:51
Paul Baiocchi: countries
8:51
Paul Baiocchi: are
8:51
Paul Baiocchi: gonna
8:52
Paul Baiocchi: be
8:52
Paul Baiocchi: scrambling
8:53
Paul Baiocchi: to
8:53
Paul Baiocchi: invest
8:54
Paul Baiocchi: in
8:54
Paul Baiocchi: the
8:54
Paul Baiocchi: necessary
8:54
Paul Baiocchi: infrastructure,
8:56
Paul Baiocchi: capacity,
8:57
Paul Baiocchi: et
8:57
Paul Baiocchi: cetera,
8:58
Paul Baiocchi: to
8:58
Paul Baiocchi: ensure
8:58
Paul Baiocchi: that
8:59
Paul Baiocchi: if
8:59
Paul Baiocchi: something
8:59
Paul Baiocchi: like
8:59
Paul Baiocchi: this
8:59
Paul Baiocchi: happens
9:00
Paul Baiocchi: again,
9:01
Paul Baiocchi: that
9:01
Paul Baiocchi: they're
9:01
Paul Baiocchi: not
9:02
Paul Baiocchi: as
9:02
Paul Baiocchi: impacted
9:03
Paul Baiocchi: by
9:03
Paul Baiocchi: it,
9:03
Paul Baiocchi: that
9:04
Paul Baiocchi: they're
9:04
Paul Baiocchi: more
9:04
Paul Baiocchi: insulated
9:05
Paul Baiocchi: from
9:06
Paul Baiocchi: the
9:06
Paul Baiocchi: perils
9:06
Paul Baiocchi: of
9:07
Paul Baiocchi: geopolitical
9:07
Paul Baiocchi: conflicts.
9:10
Ryan: Yeah,
9:10
Ryan: Paul,
9:10
Ryan: that's
9:11
Ryan: fantastic.
9:11
Ryan: And
9:12
Ryan: it
9:12
Ryan: goes,
9:13
Ryan: I've
9:14
Ryan: conversations
9:14
Ryan: about
9:15
Ryan: rare
9:15
Ryan: earth
9:16
Ryan: materials
9:17
Ryan: and
9:17
Ryan: elements,
9:17
Ryan: right?
9:18
Ryan: We're
9:18
Ryan: not
9:18
Ryan: gonna
9:18
Ryan: get
9:19
Ryan: into
9:19
Ryan: the
9:19
Ryan: element
9:20
Ryan: or
9:20
Ryan: the
9:20
Ryan: calendar
9:21
Ryan: or
9:22
Ryan: the.
9:22
Ryan: The
9:23
Ryan: elements
9:24
Ryan: today,
9:25
Ryan: but
9:26
Ryan: it
9:26
Ryan: just,
9:27
Ryan: the
9:27
Ryan: ai,
9:28
Ryan: like
9:28
Ryan: you
9:28
Ryan: said,
9:29
Ryan: chips,
9:29
Ryan: and
9:30
Ryan: then
9:30
Ryan: we
9:31
Ryan: have
9:31
Ryan: the
9:31
Ryan: infrastructure
9:32
Ryan: that's
9:32
Ryan: being
9:33
Ryan: built
9:33
Ryan: out
9:33
Ryan: for
9:33
Ryan: AI
9:34
Ryan: data
9:34
Ryan: centers.
9:35
Ryan: It
9:35
Ryan: puts
9:35
Ryan: such
9:35
Ryan: a
9:35
Ryan: renewed
9:36
Ryan: emphasis
9:37
Ryan: on
9:37
Ryan: some
9:37
Ryan: of
9:37
Ryan: these
9:38
Ryan: rare
9:38
Ryan: earth
9:39
Ryan: metals
9:40
Ryan: that
9:41
Ryan: two
9:41
Ryan: years
9:41
Ryan: ago
9:41
Ryan: we
9:41
Ryan: probably
9:42
Ryan: weren't
9:42
Ryan: even
9:42
Ryan: thinking
9:42
Ryan: about
9:43
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10:21
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10:22
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10:23
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10:23
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10:24
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10:25
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10:26
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10:26
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10:26
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10:27
Paul Baiocchi: dating
10:27
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10:27
Paul Baiocchi: to
10:27
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10:28
Paul Baiocchi: where
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10:30
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10:30
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10:30
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10:31
Paul Baiocchi: small
10:31
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10:32
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10:32
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10:34
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10:34
Paul Baiocchi: three
10:34
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10:35
Paul Baiocchi: communication
10:35
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10:36
Paul Baiocchi: consumer
10:37
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10:37
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10:38
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10:38
Paul Baiocchi: which
10:38
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10:40
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10:45
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10:46
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10:46
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10:47
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10:48
Paul Baiocchi: diversifiers
10:48
Paul Baiocchi: like
10:49
Paul Baiocchi: commodities,
10:49
Paul Baiocchi: which
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Paul Baiocchi: have
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Paul Baiocchi: low
10:50
Paul Baiocchi: correlations
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10:51
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Paul Baiocchi: large
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Paul Baiocchi: cap
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10:55
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10:58
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11:23
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11:25
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11:25
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11:26
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11:26
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11:27
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11:27
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11:28
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11:28
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11:30
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11:34
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11:36
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11:39
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11:40
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11:40
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11:40
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11:41
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11:41
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11:42
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11:42
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11:42
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11:43
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11:44
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11:44
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11:46
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11:46
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11:47
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11:47
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11:47
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11:48
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11:49
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11:49
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11:49
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11:50
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11:50
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11:51
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11:52
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11:54
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11:54
Paul Baiocchi: new
11:55
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11:56
Paul Baiocchi: New
11:57
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11:58
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11:58
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11:59
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11:59
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12:01
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12:07
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Paul Baiocchi: produce
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12:08
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12:10
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12:10
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12:10
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12:11
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12:12
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12:13
Paul Baiocchi: offline,
12:14
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12:15
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12:19
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12:21
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Paul Baiocchi: markets
12:23
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12:24
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12:25
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12:25
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12:25
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12:25
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12:28
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12:30
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Paul Baiocchi: existing
12:32
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12:34
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12:38
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12:39
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12:40
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12:41
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12:41
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12:42
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12:42
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12:43
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12:44
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12:44
Paul Baiocchi: long-term
12:45
Paul Baiocchi: perspective
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12:46
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12:47
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12:47
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12:50
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12:51
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12:52
Paul Baiocchi: markets
12:52
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12:52
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12:53
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12:54
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12:54
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12:55
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13:05
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13:10
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13:10
Paul Baiocchi: 10%,
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13:26
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13:27
Paul Baiocchi: fraught
13:28
Paul Baiocchi: these
13:28
Paul Baiocchi: markets
13:28
Paul Baiocchi: are.
13:29
Ryan: Yeah,
13:30
Ryan: you're
13:30
Ryan: exactly
13:30
Ryan: right.
13:31
Ryan: It,
13:31
Ryan: they're
13:31
Ryan: more
13:32
Ryan: sensitive
13:33
Ryan: to
13:33
Ryan: than
13:33
Ryan: just
13:34
Ryan: geopolitical
13:34
Ryan: concerns.
13:35
Ryan: They're
13:35
Ryan: sensitive
13:36
Ryan: to
13:36
Ryan: a
13:36
Ryan: lot
13:36
Ryan: of
13:36
Ryan: things
13:37
Ryan: out
13:37
Ryan: there
13:37
Ryan: that,
13:37
Ryan: like
13:37
Ryan: you
13:38
Ryan: said,
13:38
Ryan: you
13:38
Ryan: can't
13:38
Ryan: control.
13:39
Ryan: One
13:39
Ryan: other
13:40
Ryan: thing
13:40
Ryan: I've
13:40
Ryan: talked
13:41
Ryan: a
13:41
Ryan: lot
13:41
Ryan: about
13:41
Ryan: doing
13:41
Ryan: research
13:42
Ryan: on
13:42
Ryan: too
13:42
Ryan: is
13:43
Ryan: yes,
13:44
Ryan: commodities.
13:45
Ryan: Sometimes
13:45
Ryan: they're
13:45
Ryan: often
13:46
Ryan: overlooked,
13:46
Ryan: like,
13:46
Ryan: why
13:47
Ryan: am
13:47
Ryan: I
13:47
Ryan: investing
13:47
Ryan: comms?
13:48
Ryan: But
13:48
Ryan: do
13:48
Ryan: you
13:49
Ryan: think
13:49
Ryan: like
13:49
Ryan: the
13:49
Ryan: overall.
13:51
Ryan: Fantastic
13:51
Ryan: performance
13:52
Ryan: of
13:52
Ryan: US
13:53
Ryan: equities.
13:54
Ryan: It
13:54
Ryan: makes
13:55
Ryan: it
13:55
Ryan: hard
13:55
Ryan: to
13:55
Ryan: even
13:56
Ryan: invest
13:56
Ryan: just
13:56
Ryan: overseas
13:57
Ryan: until
13:57
Ryan: recently
13:58
Ryan: until
13:58
Ryan: 2025.
13:59
Ryan: It's
13:59
Ryan: like,
14:00
Ryan: why
14:00
Ryan: invest
14:01
Ryan: in
14:02
Ryan: commodities
14:03
Ryan: overseas
14:03
Ryan: emerging
14:04
Ryan: markets
14:04
Ryan: when
14:05
Ryan: I'm
14:05
Ryan: getting
14:05
Ryan: 20,
14:06
Ryan: 30%
14:07
Ryan: in
14:07
Ryan: US
14:08
Ryan: equities?
14:09
Ryan: You're
14:09
Ryan: getting
14:09
Ryan: all
14:09
Ryan: that
14:09
Ryan: outperformance,
14:10
Ryan: US
14:11
Ryan: equities
14:12
Ryan: supremacy.
14:12
Ryan: Why?
14:13
Ryan: Why?
14:15
Ryan: Take
14:15
Ryan: away
14:15
Ryan: that
14:16
Ryan: opportunity
14:16
Ryan: to
14:17
Ryan: invest
14:17
Ryan: in
14:17
Ryan: commodities
14:18
Ryan: or
14:18
Ryan: something
14:18
Ryan: else
14:18
Ryan: when
14:19
Ryan: it's
14:19
Ryan: gonna
14:19
Ryan: outperform
14:20
Ryan: until
14:20
Ryan: you
14:20
Ryan: need
14:20
Ryan: it.
14:21
Paul Baiocchi: Yeah.
14:21
Paul Baiocchi: And
14:22
Paul Baiocchi: in
14:22
Paul Baiocchi: many
14:22
Paul Baiocchi: ways
14:22
Paul Baiocchi: it,
14:23
Paul Baiocchi: it
14:23
Paul Baiocchi: speaks
14:23
Paul Baiocchi: to
14:23
Paul Baiocchi: why
14:23
Paul Baiocchi: I
14:23
Paul Baiocchi: don't
14:24
Paul Baiocchi: envy
14:25
Paul Baiocchi: the
14:25
Paul Baiocchi: challenge
14:25
Paul Baiocchi: that
14:25
Paul Baiocchi: advisors
14:26
Paul Baiocchi: face
14:26
Paul Baiocchi: because
14:27
Paul Baiocchi: there's
14:27
Paul Baiocchi: the
14:27
Paul Baiocchi: behavioral
14:28
Paul Baiocchi: finance
14:28
Paul Baiocchi: aspect
14:29
Paul Baiocchi: of
14:29
Paul Baiocchi: managing
14:29
Paul Baiocchi: client
14:30
Paul Baiocchi: relationships
14:31
Paul Baiocchi: speaks
14:32
Paul Baiocchi: to
14:32
Paul Baiocchi: challenging
14:32
Paul Baiocchi: a
14:32
Paul Baiocchi: job.
14:32
Paul Baiocchi: It
14:33
Paul Baiocchi: can
14:33
Paul Baiocchi: be
14:33
Paul Baiocchi: to
14:34
Paul Baiocchi: ensure.
14:35
Paul Baiocchi: That
14:35
Paul Baiocchi: you
14:35
Paul Baiocchi: communicate
14:36
Paul Baiocchi: and
14:36
Paul Baiocchi: articulate
14:37
Paul Baiocchi: effectively
14:38
Paul Baiocchi: why
14:38
Paul Baiocchi: it
14:38
Paul Baiocchi: is
14:38
Paul Baiocchi: that
14:38
Paul Baiocchi: you
14:39
Paul Baiocchi: have
14:39
Paul Baiocchi: different
14:39
Paul Baiocchi: portfolio
14:40
Paul Baiocchi: components
14:40
Paul Baiocchi: within
14:41
Paul Baiocchi: an
14:41
Paul Baiocchi: asset
14:41
Paul Baiocchi: allocation
14:42
Paul Baiocchi: framework
14:43
Paul Baiocchi: at
14:43
Paul Baiocchi: times
14:43
Paul Baiocchi: where,
14:44
Paul Baiocchi: to
14:44
Paul Baiocchi: your
14:44
Paul Baiocchi: point,
14:45
Paul Baiocchi: we
14:45
Paul Baiocchi: went
14:45
Paul Baiocchi: on
14:45
Paul Baiocchi: a
14:45
Paul Baiocchi: 16
14:46
Paul Baiocchi: year
14:46
Paul Baiocchi: run
14:46
Paul Baiocchi: of
14:47
Paul Baiocchi: US
14:47
Paul Baiocchi: outperformance
14:48
Paul Baiocchi: of
14:48
Paul Baiocchi: developed
14:48
Paul Baiocchi: XUS,
14:49
Paul Baiocchi: and
14:49
Paul Baiocchi: I'm
14:49
Paul Baiocchi: sure
14:50
Paul Baiocchi: a
14:50
Paul Baiocchi: lot
14:50
Paul Baiocchi: of
14:50
Paul Baiocchi: advisors
14:51
Paul Baiocchi: had
14:51
Paul Baiocchi: really
14:51
Paul Baiocchi: challenging
14:52
Paul Baiocchi: conversations
14:52
Paul Baiocchi: around
14:53
Paul Baiocchi: why
14:53
Paul Baiocchi: they
14:53
Paul Baiocchi: had
14:54
Paul Baiocchi: efa,
14:54
Paul Baiocchi: why
14:54
Paul Baiocchi: they
14:54
Paul Baiocchi: had
14:54
Paul Baiocchi: developed
14:55
Paul Baiocchi: XUS
14:55
Paul Baiocchi: in
14:55
Paul Baiocchi: a
14:56
Paul Baiocchi: portfolio
14:57
Paul Baiocchi: when
14:57
Paul Baiocchi: it
14:57
Paul Baiocchi: continually
14:58
Paul Baiocchi: underperformed.
14:59
Paul Baiocchi: The
15:00
Paul Baiocchi: domestic
15:01
Paul Baiocchi: equity
15:01
Paul Baiocchi: markets
15:02
Paul Baiocchi: and
15:02
Paul Baiocchi: 2025
15:03
Paul Baiocchi: was
15:03
Paul Baiocchi: a
15:03
Paul Baiocchi: great
15:03
Paul Baiocchi: example
15:04
Paul Baiocchi: of
15:04
Paul Baiocchi: that
15:04
Paul Baiocchi: because
15:05
Paul Baiocchi: developed
15:05
Paul Baiocchi: XUS
15:06
Paul Baiocchi: outperformed
15:07
Paul Baiocchi: the
15:07
Paul Baiocchi: US
15:07
Paul Baiocchi: market
15:08
Paul Baiocchi: rather
15:08
Paul Baiocchi: dramatically.
15:09
Paul Baiocchi: And
15:09
Paul Baiocchi: so
15:10
Paul Baiocchi: as
15:10
Paul Baiocchi: an
15:10
Paul Baiocchi: advisor,
15:11
Paul Baiocchi: your
15:11
Paul Baiocchi: job's
15:11
Paul Baiocchi: not
15:12
Paul Baiocchi: to
15:12
Paul Baiocchi: be,
15:12
Paul Baiocchi: I
15:12
Paul Baiocchi: told
15:13
Paul Baiocchi: you
15:13
Paul Baiocchi: so
15:13
Paul Baiocchi: to
15:13
Paul Baiocchi: your
15:14
Paul Baiocchi: clients,
15:15
Paul Baiocchi: but
15:15
Paul Baiocchi: it
15:15
Paul Baiocchi: is
15:15
Paul Baiocchi: to
15:15
Paul Baiocchi: reiterate.
15:16
Paul Baiocchi: Why
15:17
Paul Baiocchi: all
15:17
Paul Baiocchi: of
15:17
Paul Baiocchi: these
15:17
Paul Baiocchi: portfolio
15:18
Paul Baiocchi: components
15:19
Paul Baiocchi: are
15:20
Paul Baiocchi: part
15:20
Paul Baiocchi: of
15:20
Paul Baiocchi: that
15:20
Paul Baiocchi: asset
15:21
Paul Baiocchi: allocation
15:21
Paul Baiocchi: strategy.
15:22
Paul Baiocchi: How
15:22
Paul Baiocchi: they
15:22
Paul Baiocchi: all
15:22
Paul Baiocchi: interact
15:23
Paul Baiocchi: and
15:23
Paul Baiocchi: interface
15:24
Paul Baiocchi: with
15:24
Paul Baiocchi: one
15:24
Paul Baiocchi: another.
15:25
Paul Baiocchi: And
15:25
Paul Baiocchi: in
15:25
Paul Baiocchi: many
15:25
Paul Baiocchi: ways,
15:26
Paul Baiocchi: commodities
15:26
Paul Baiocchi: is
15:27
Paul Baiocchi: akin
15:27
Paul Baiocchi: to
15:27
Paul Baiocchi: that
15:27
Paul Baiocchi: developed
15:28
Paul Baiocchi: X
15:28
Paul Baiocchi: US
15:29
Paul Baiocchi: allocation
15:29
Paul Baiocchi: because
15:30
Paul Baiocchi: it
15:30
Paul Baiocchi: does
15:30
Paul Baiocchi: have
15:31
Paul Baiocchi: portfolio
15:31
Paul Baiocchi: attributes
15:32
Paul Baiocchi: that
15:32
Paul Baiocchi: are
15:32
Paul Baiocchi: important.
15:33
Paul Baiocchi: Don't
15:33
Paul Baiocchi: always
15:34
Paul Baiocchi: show
15:34
Paul Baiocchi: up.
15:35
Paul Baiocchi: At
15:35
Paul Baiocchi: every
15:36
Paul Baiocchi: moment
15:37
Paul Baiocchi: of
15:37
Paul Baiocchi: a
15:37
Paul Baiocchi: market
15:38
Paul Baiocchi: cycle.
15:38
Paul Baiocchi: But
15:38
Paul Baiocchi: when
15:39
Paul Baiocchi: they
15:39
Paul Baiocchi: do,
15:39
Paul Baiocchi: it
15:40
Paul Baiocchi: can
15:40
Paul Baiocchi: be
15:40
Paul Baiocchi: quite
15:40
Paul Baiocchi: powerful.
15:41
Paul Baiocchi: And
15:41
Paul Baiocchi: I
15:41
Paul Baiocchi: think
15:42
Paul Baiocchi: commodities
15:42
Paul Baiocchi: are
15:42
Paul Baiocchi: also
15:43
Paul Baiocchi: often
15:43
Paul Baiocchi: misunderstood
15:44
Paul Baiocchi: because
15:45
Paul Baiocchi: most
15:45
Paul Baiocchi: people
15:45
Paul Baiocchi: think
15:45
Paul Baiocchi: commodities
15:46
Paul Baiocchi: and
15:46
Paul Baiocchi: they
15:46
Paul Baiocchi: think
15:46
Paul Baiocchi: volatility
15:47
Paul Baiocchi: and
15:48
Paul Baiocchi: individual
15:48
Paul Baiocchi: commodities
15:49
Paul Baiocchi: do
15:49
Paul Baiocchi: tend
15:49
Paul Baiocchi: to
15:49
Paul Baiocchi: be
15:49
Paul Baiocchi: very
15:50
Paul Baiocchi: volatile.
15:51
Paul Baiocchi: But
15:51
Paul Baiocchi: when
15:51
Paul Baiocchi: you
15:51
Paul Baiocchi: piece
15:52
Paul Baiocchi: them
15:52
Paul Baiocchi: together
15:52
Paul Baiocchi: in
15:52
Paul Baiocchi: a
15:52
Paul Baiocchi: basket
15:53
Paul Baiocchi: framework,
15:54
Paul Baiocchi: the
15:54
Paul Baiocchi: volatility
15:55
Paul Baiocchi: ends
15:55
Paul Baiocchi: up
15:55
Paul Baiocchi: looking
15:55
Paul Baiocchi: a
15:55
Paul Baiocchi: lot
15:56
Paul Baiocchi: more
15:56
Paul Baiocchi: like
15:56
Paul Baiocchi: a
15:56
Paul Baiocchi: stock
15:57
Paul Baiocchi: portfolio.
15:58
Paul Baiocchi: And
15:58
Paul Baiocchi: so
15:58
Paul Baiocchi: arming.
15:59
Paul Baiocchi: Advisors
16:00
Paul Baiocchi: with
16:01
Paul Baiocchi: that
16:01
Paul Baiocchi: type
16:01
Paul Baiocchi: of
16:01
Paul Baiocchi: education,
16:02
Paul Baiocchi: which
16:02
Paul Baiocchi: can
16:02
Paul Baiocchi: then
16:02
Paul Baiocchi: cascade
16:03
Paul Baiocchi: down
16:03
Paul Baiocchi: to
16:03
Paul Baiocchi: the
16:03
Paul Baiocchi: client
16:04
Paul Baiocchi: level,
16:05
Paul Baiocchi: can
16:05
Paul Baiocchi: be
16:05
Paul Baiocchi: rather
16:06
Paul Baiocchi: important.
16:06
Paul Baiocchi: And
16:07
Paul Baiocchi: I
16:07
Paul Baiocchi: think
16:07
Paul Baiocchi: that's
16:07
Paul Baiocchi: one
16:08
Paul Baiocchi: of
16:08
Paul Baiocchi: the
16:08
Paul Baiocchi: key
16:09
Paul Baiocchi: considerations
16:09
Paul Baiocchi: when
16:10
Paul Baiocchi: you're
16:10
Paul Baiocchi: thinking
16:10
Paul Baiocchi: about
16:11
Paul Baiocchi: commodities
16:12
Paul Baiocchi: and
16:12
Paul Baiocchi: their,
16:12
Paul Baiocchi: the
16:12
Paul Baiocchi: role
16:13
Paul Baiocchi: they
16:13
Paul Baiocchi: play
16:13
Paul Baiocchi: in
16:13
Paul Baiocchi: a
16:13
Paul Baiocchi: portfolio
16:14
Paul Baiocchi: is
16:14
Paul Baiocchi: ensuring
16:14
Paul Baiocchi: that
16:15
Paul Baiocchi: educational
16:15
Paul Baiocchi: gap
16:16
Paul Baiocchi: is
16:16
Paul Baiocchi: closed.
16:17
Ryan: Yeah,
16:17
Ryan: and
16:18
Ryan: I
16:18
Ryan: often
16:18
Ryan: talk
16:19
Ryan: diversification's
16:20
Ryan: working
16:21
Ryan: when
16:21
Ryan: one
16:21
Ryan: piece
16:22
Ryan: of
16:22
Ryan: that
16:22
Ryan: portfolio
16:22
Ryan: is
16:23
Ryan: not
16:23
Ryan: working
16:23
Ryan: right.
16:24
Ryan: You
16:24
Ryan: hate
16:24
Ryan: that
16:24
Ryan: you.
16:24
Ryan: It's
16:25
Ryan: hard
16:25
Ryan: to
16:25
Ryan: tell.
16:25
Ryan: I
16:25
Ryan: explain
16:26
Ryan: that
16:26
Ryan: to
16:26
Ryan: a
16:26
Ryan: client
16:27
Ryan: investor
16:28
Ryan: that,
16:28
Ryan: you
16:28
Ryan: know
16:28
Ryan: what?
16:29
Ryan: It's
16:29
Ryan: actually
16:29
Ryan: working
16:30
Ryan: now
16:30
Ryan: when
16:30
Ryan: something
16:30
Ryan: might
16:31
Ryan: be
16:31
Ryan: underperforming.
16:32
Ryan: It's
16:32
Ryan: not
16:32
Ryan: easy
16:33
Ryan: conversation.
16:33
Ryan: Like
16:34
Ryan: you
16:34
Ryan: said.
16:34
Ryan: I
16:34
Ryan: don't
16:34
Ryan: envy
16:35
Ryan: those
16:35
Ryan: conversations
16:36
Ryan: at
16:36
Ryan: all.
16:36
Ryan: That's
16:37
Ryan: why
16:37
Ryan: I'm
16:37
Ryan: sitting
16:37
Ryan: here.
16:40
Ryan: So
16:40
Ryan: Paul,
16:40
Ryan: that's
16:41
Ryan: great.
16:41
Ryan: You
16:41
Ryan: mentioned
16:42
Ryan: earlier
16:42
Ryan: the
16:42
Ryan: strait
16:43
Ryan: has
16:44
Ryan: been
16:44
Ryan: reopened,
16:45
Ryan: oil's
16:45
Ryan: fallen
16:46
Ryan: 10%.
16:48
Ryan: Maybe
16:48
Ryan: we're
16:48
Ryan: getting
16:49
Ryan: close
16:49
Ryan: to
16:49
Ryan: a
16:49
Ryan: resolution,
16:50
Ryan: who
16:51
Ryan: knows
16:51
Ryan: of
16:51
Ryan: this
16:51
Ryan: conflict.
16:52
Ryan: But
16:53
Ryan: do
16:53
Ryan: you
16:53
Ryan: think
16:53
Ryan: the
16:53
Ryan: renewed
16:54
Ryan: emphasis
16:54
Ryan: on
16:54
Ryan: commodities
16:55
Ryan: will
16:56
Ryan: continue
16:57
Ryan: after
16:57
Ryan: maybe
16:58
Ryan: we
16:58
Ryan: got
16:59
Ryan: have
16:59
Ryan: a
16:59
Ryan: resolution
17:00
Ryan: to
17:00
Ryan: this
17:00
Ryan: war,
17:01
Ryan: or
17:02
Ryan: do
17:02
Ryan: you
17:02
Ryan: think
17:02
Ryan: we'll
17:02
Ryan: go
17:02
Ryan: back
17:03
Ryan: to
17:03
Ryan: old
17:03
Ryan: times
17:03
Ryan: and
17:03
Ryan: it's
17:03
Ryan: oh,
17:04
Ryan: we
17:04
Ryan: don't
17:04
Ryan: need
17:04
Ryan: commodities.
17:05
Paul Baiocchi: That's
17:06
Paul Baiocchi: a
17:06
Paul Baiocchi: good
17:06
Paul Baiocchi: question
17:06
Paul Baiocchi: and
17:07
Paul Baiocchi: I
17:07
Paul Baiocchi: think
17:07
Paul Baiocchi: time
17:08
Paul Baiocchi: will
17:08
Paul Baiocchi: tell
17:08
Paul Baiocchi: we're
17:09
Paul Baiocchi: our
17:09
Paul Baiocchi: job,
17:09
Paul Baiocchi: certainly
17:10
Paul Baiocchi: on
17:10
Paul Baiocchi: a
17:10
Paul Baiocchi: day
17:10
Paul Baiocchi: in
17:10
Paul Baiocchi: and
17:10
Paul Baiocchi: day
17:10
Paul Baiocchi: out
17:11
Paul Baiocchi: basis
17:11
Paul Baiocchi: is
17:11
Paul Baiocchi: trying
17:12
Paul Baiocchi: to
17:12
Paul Baiocchi: ensure
17:13
Paul Baiocchi: that
17:13
Paul Baiocchi: we
17:13
Paul Baiocchi: don't,
17:14
Paul Baiocchi: in
17:14
Paul Baiocchi: many
17:15
Paul Baiocchi: ways
17:15
Paul Baiocchi: return
17:15
Paul Baiocchi: to
17:15
Paul Baiocchi: that
17:16
Paul Baiocchi: mentality
17:17
Paul Baiocchi: of.
17:17
Paul Baiocchi: Say
17:18
Paul Baiocchi: the
17:18
Paul Baiocchi: prior
17:19
Paul Baiocchi: part
17:19
Paul Baiocchi: of
17:19
Paul Baiocchi: this
17:19
Paul Baiocchi: cycle,
17:20
Paul Baiocchi: or
17:20
Paul Baiocchi: even
17:20
Paul Baiocchi: say
17:20
Paul Baiocchi: the
17:20
Paul Baiocchi: past
17:21
Paul Baiocchi: 15
17:22
Paul Baiocchi: so
17:22
Paul Baiocchi: years
17:23
Paul Baiocchi: of
17:23
Paul Baiocchi: the
17:23
Paul Baiocchi: rally
17:24
Paul Baiocchi: off
17:24
Paul Baiocchi: of
17:24
Paul Baiocchi: the
17:25
Paul Baiocchi: GFC.
17:25
Paul Baiocchi: And
17:25
Paul Baiocchi: so
17:26
Paul Baiocchi: I
17:26
Paul Baiocchi: do
17:27
Paul Baiocchi: think
17:27
Paul Baiocchi: if
17:27
Paul Baiocchi: you
17:28
Paul Baiocchi: just
17:28
Paul Baiocchi: set
17:28
Paul Baiocchi: the
17:28
Paul Baiocchi: Iran
17:29
Paul Baiocchi: conflict
17:30
Paul Baiocchi: aside
17:30
Paul Baiocchi: and
17:30
Paul Baiocchi: think
17:31
Paul Baiocchi: about
17:31
Paul Baiocchi: some
17:32
Paul Baiocchi: of
17:32
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17:32
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17:32
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17:33
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17:34
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17:34
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17:35
Paul Baiocchi: dynamics
17:35
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17:36
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17:36
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17:36
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17:37
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17:37
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17:38
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17:39
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17:40
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17:40
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17:40
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17:40
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17:41
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17:41
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17:42
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17:44
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17:44
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17:45
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17:46
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17:46
Paul Baiocchi: the
17:46
Paul Baiocchi: type
17:46
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17:47
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17:47
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17:47
Paul Baiocchi: right
17:47
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17:48
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17:48
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17:48
Paul Baiocchi: And
17:48
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17:50
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17:50
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17:51
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17:51
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17:52
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17:53
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17:53
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17:53
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17:54
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17:54
Paul Baiocchi: number
17:54
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17:55
Paul Baiocchi: two,
17:55
Paul Baiocchi: and
17:55
Paul Baiocchi: three
17:56
Paul Baiocchi: focus
17:57
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17:57
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17:57
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17:58
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17:58
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17:58
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Paul Baiocchi: course
17:59
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17:59
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17:59
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17:59
Paul Baiocchi: couple
17:59
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18:00
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18:01
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18:01
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18:01
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18:01
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18:02
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18:03
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18:04
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18:04
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18:05
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18:05
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18:06
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18:06
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18:06
Paul Baiocchi: their
18:07
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18:07
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18:07
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18:08
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18:09
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18:09
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18:09
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18:10
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18:10
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18:10
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18:11
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18:11
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18:11
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18:12
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18:12
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18:12
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18:12
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18:13
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18:13
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18:13
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18:14
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18:14
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18:15
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18:15
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18:15
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18:16
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18:16
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18:17
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18:17
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18:18
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18:18
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18:18
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18:19
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18:20
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18:20
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18:21
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18:21
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18:22
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18:22
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18:22
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18:23
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18:23
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18:23
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18:24
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18:24
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18:24
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18:25
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18:26
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18:26
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18:26
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18:26
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18:27
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18:27
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18:27
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18:27
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18:28
Paul Baiocchi: aluminum,
18:29
Paul Baiocchi: copper
18:30
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18:30
Paul Baiocchi: the
18:30
Paul Baiocchi: wiring
18:31
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18:31
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18:33
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18:34
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18:34
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18:35
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18:35
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18:36
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18:36
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18:37
Paul Baiocchi: solar,
18:38
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18:38
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18:38
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18:38
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18:38
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18:39
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18:39
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18:39
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18:39
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18:39
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18:40
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18:40
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18:41
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18:41
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18:42
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18:42
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18:42
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18:43
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18:43
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18:43
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18:44
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18:44
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18:45
Paul Baiocchi: You
18:45
Paul Baiocchi: mentioned
18:46
Paul Baiocchi: rare
18:46
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18:47
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18:47
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18:47
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18:47
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18:48
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18:49
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18:49
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18:49
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18:50
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18:50
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18:51
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18:51
Paul Baiocchi: course
18:51
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18:51
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18:52
Paul Baiocchi: couple
18:52
Paul Baiocchi: years
18:52
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18:52
Paul Baiocchi: enterprise
18:53
Paul Baiocchi: level
18:53
Paul Baiocchi: storage
18:54
Paul Baiocchi: solutions
18:54
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18:54
Paul Baiocchi: battery
18:55
Paul Baiocchi: solutions,
18:56
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18:57
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18:58
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18:58
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18:58
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18:58
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18:59
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19:01
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19:01
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19:01
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19:02
Paul Baiocchi: demand
19:02
Paul Baiocchi: growth
19:02
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19:03
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19:03
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19:04
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19:04
Paul Baiocchi: rates
19:04
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19:04
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19:04
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19:05
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19:05
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19:05
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19:05
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19:06
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19:06
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19:06
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19:06
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19:07
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19:07
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19:09
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19:09
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19:09
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19:09
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19:09
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19:09
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19:10
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19:10
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19:11
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19:11
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19:11
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19:11
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19:12
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19:13
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19:13
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19:13
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19:13
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19:14
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19:14
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19:14
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19:14
Paul Baiocchi: an
19:14
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19:15
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19:15
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19:16
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19:16
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19:17
Paul Baiocchi: people
19:17
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19:18
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19:18
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19:19
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19:19
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19:20
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19:20
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19:20
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19:21
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19:21
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19:22
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19:22
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19:22
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19:22
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19:23
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19:23
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19:23
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19:23
Paul Baiocchi: materials
19:24
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19:25
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19:25
Paul Baiocchi: into
19:26
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19:26
Paul Baiocchi: infrastructure
19:26
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19:27
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19:27
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19:27
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19:28
Paul Baiocchi: and
19:29
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19:29
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19:29
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19:29
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19:30
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19:30
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19:31
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19:32
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19:32
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19:32
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19:34
Paul Baiocchi: and
19:34
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19:35
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19:36
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19:36
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19:37
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19:37
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19:37
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19:37
Paul Baiocchi: generate
19:38
Paul Baiocchi: electricity,
19:39
Paul Baiocchi: natural
19:39
Paul Baiocchi: gas
19:39
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19:40
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19:40
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19:40
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19:40
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19:40
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19:41
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19:42
Paul Baiocchi: Renewables,
19:43
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19:43
Paul Baiocchi: wind
19:43
Paul Baiocchi: and
19:43
Paul Baiocchi: solar
19:44
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19:44
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19:45
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19:45
Paul Baiocchi: and
19:45
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19:45
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19:46
Paul Baiocchi: the
19:46
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19:47
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19:47
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19:47
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19:48
Paul Baiocchi: becoming
19:48
Paul Baiocchi: a
19:48
Paul Baiocchi: bigger
19:49
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19:49
Paul Baiocchi: of
19:49
Paul Baiocchi: the
19:49
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19:49
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19:50
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19:50
Paul Baiocchi: And
19:50
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19:50
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19:51
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19:51
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19:52
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19:52
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19:52
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19:53
Paul Baiocchi: its
19:53
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19:54
Paul Baiocchi: to
19:54
Paul Baiocchi: transmission
19:54
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19:55
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19:55
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19:55
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19:55
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19:56
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19:57
Paul Baiocchi: Nickel
19:58
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19:58
Paul Baiocchi: important
19:59
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19:59
Paul Baiocchi: into
19:59
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20:00
Paul Baiocchi: as
20:00
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20:00
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20:00
Paul Baiocchi: EV
20:00
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20:01
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20:02
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20:02
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20:02
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20:03
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20:03
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20:03
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20:04
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20:05
Paul Baiocchi: a
20:05
Paul Baiocchi: limited
20:05
Paul Baiocchi: supply
20:06
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20:07
Paul Baiocchi: and
20:07
Paul Baiocchi: we
20:07
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20:07
Paul Baiocchi: that
20:08
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20:08
Paul Baiocchi: upward
20:08
Paul Baiocchi: pressure
20:09
Paul Baiocchi: on
20:10
Paul Baiocchi: the
20:10
Paul Baiocchi: price
20:10
Paul Baiocchi: of
20:10
Paul Baiocchi: various
20:10
Paul Baiocchi: commodities
20:11
Paul Baiocchi: and
20:12
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20:13
Paul Baiocchi: the
20:13
Paul Baiocchi: important
20:13
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20:13
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20:14
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20:14
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20:14
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20:14
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20:15
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20:15
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20:16
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20:16
Paul Baiocchi: in
20:16
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20:16
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20:17
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20:18
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20:18
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20:18
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20:18
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20:18
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20:19
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20:19
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20:20
Paul Baiocchi: aside
20:20
Paul Baiocchi: the
20:20
Paul Baiocchi: commodities
20:21
Paul Baiocchi: themselves,
20:21
Paul Baiocchi: thinking
20:22
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20:22
Paul Baiocchi: the
20:22
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20:22
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20:23
Paul Baiocchi: which
20:24
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20:24
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20:25
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20:25
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20:25
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20:26
Paul Baiocchi: extracting,
20:27
Paul Baiocchi: processing,
20:28
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20:29
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20:30
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20:30
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20:30
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20:30
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20:31
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20:31
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20:31
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20:31
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20:32
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20:32
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20:33
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20:33
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20:34
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20:34
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20:35
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20:35
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20:35
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20:36
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20:36
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20:36
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20:37
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20:37
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20:37
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20:38
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20:38
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20:38
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20:39
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20:39
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20:39
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20:39
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20:39
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20:40
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20:40
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20:41
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20:41
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20:41
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20:42
Paul Baiocchi: asset
20:42
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20:43
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20:43
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20:43
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20:44
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20:44
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20:45
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20:45
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20:45
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20:46
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20:46
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20:46
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20:46
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20:46
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20:47
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20:47
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20:47
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20:47
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20:47
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20:47
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20:48
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20:48
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20:48
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20:49
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20:49
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20:50
Paul Baiocchi: exploring
20:50
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20:50
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20:51
Paul Baiocchi: et
20:51
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20:52
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20:53
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20:54
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20:54
Paul Baiocchi: most
20:54
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20:55
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20:55
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20:55
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20:56
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20:56
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20:56
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20:57
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20:57
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20:57
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20:58
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20:58
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20:59
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20:59
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20:59
Paul Baiocchi: diversification
21:00
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21:01
Paul Baiocchi: to
21:01
Paul Baiocchi: adding
21:02
Paul Baiocchi: those
21:02
Paul Baiocchi: sectors
21:03
Paul Baiocchi: within
21:04
Paul Baiocchi: an
21:04
Paul Baiocchi: equity
21:04
Paul Baiocchi: framework.
21:05
Paul Baiocchi: But
21:05
Paul Baiocchi: also
21:06
Paul Baiocchi: history
21:06
Paul Baiocchi: tells
21:07
Paul Baiocchi: us
21:07
Paul Baiocchi: that
21:07
Paul Baiocchi: commodities
21:08
Paul Baiocchi: are
21:08
Paul Baiocchi: also
21:09
Paul Baiocchi: a
21:09
Paul Baiocchi: powerful
21:09
Paul Baiocchi: diversification
21:10
Paul Baiocchi: tool
21:11
Paul Baiocchi: based
21:11
Paul Baiocchi: on
21:11
Paul Baiocchi: their
21:11
Paul Baiocchi: low
21:11
Paul Baiocchi: correlations
21:12
Paul Baiocchi: to
21:12
Paul Baiocchi: things
21:13
Paul Baiocchi: like
21:13
Paul Baiocchi: equities
21:13
Paul Baiocchi: and
21:14
Paul Baiocchi: fixed
21:14
Paul Baiocchi: income.
21:15
Ryan: Paul,
21:16
Ryan: that's
21:16
Ryan: fantastic.
21:17
Ryan: A
21:18
Ryan: lot
21:18
Ryan: of
21:18
Ryan: great
21:18
Ryan: insights
21:18
Ryan: there.
21:19
Ryan: We,
21:20
Ryan: I've
21:20
Ryan: got
21:20
Ryan: a
21:20
Ryan: lot
21:20
Ryan: of
21:20
Ryan: questions
21:21
Ryan: just
21:21
Ryan: based
21:21
Ryan: on
21:22
Ryan: that
21:22
Ryan: and
21:22
Ryan: follow
21:22
Ryan: up
21:23
Ryan: feedback,
21:23
Ryan: but
21:24
Ryan: it's
21:24
Ryan: I
21:24
Ryan: have
21:24
Ryan: a
21:24
Ryan: lot
21:24
Ryan: of
21:25
Ryan: conversations
21:25
Ryan: about
21:26
Ryan: corn
21:26
Ryan: and
21:27
Ryan: egg.
21:28
Ryan: People
21:28
Ryan: don't
21:28
Ryan: realize
21:29
Ryan: how
21:30
Ryan: important
21:30
Ryan: corn
21:31
Ryan: is.
21:31
Ryan: Everything
21:32
Ryan: we
21:32
Ryan: touch
21:33
Ryan: has
21:33
Ryan: almost
21:33
Ryan: corn
21:34
Ryan: and
21:34
Ryan: paper,
21:34
Ryan: you
21:35
Ryan: name
21:35
Ryan: it
21:36
Ryan: has
21:36
Ryan: corn
21:36
Ryan: and
21:37
Ryan: it's
21:37
Ryan: all
21:38
Ryan: these
21:38
Ryan: commodities
21:39
Ryan: that
21:39
Ryan: are
21:39
Ryan: bucketed
21:40
Ryan: together,
21:41
Ryan: how
21:41
Ryan: important
21:42
Ryan: they
21:42
Ryan: are.
21:42
Ryan: And
21:42
Ryan: like
21:42
Ryan: you
21:42
Ryan: said,
21:43
Ryan: ai,
21:44
Ryan: we
21:44
Ryan: talk
21:44
Ryan: a
21:44
Ryan: lot
21:45
Ryan: about,
21:45
Ryan: the
21:45
Ryan: Iran
21:46
Ryan: conflict
21:47
Ryan: war,
21:48
Ryan: but
21:48
Ryan: like
21:48
Ryan: you
21:49
Ryan: said,
21:49
Ryan: I'm
21:49
Ryan: glad
21:49
Ryan: you
21:49
Ryan: brought
21:50
Ryan: it
21:50
Ryan: up,
21:50
Ryan: really
21:50
Ryan: the
21:51
Ryan: bigger.
21:52
Ryan: A
21:52
Ryan: driver
21:52
Ryan: here
21:53
Ryan: is
21:53
Ryan: AI
21:54
Ryan: and
21:55
Ryan: the
21:55
Ryan: pressures
21:55
Ryan: it's
21:55
Ryan: putting
21:56
Ryan: on
21:56
Ryan: commodities
21:57
Ryan: and
21:58
Ryan: what,
21:58
Ryan: regardless
21:59
Ryan: of
21:59
Ryan: what
21:59
Ryan: commodity
22:00
Ryan: you're
22:00
Ryan: talking
22:00
Ryan: about,
22:00
Ryan: and
22:00
Ryan: then
22:01
Ryan: an
22:01
Ryan: energy.
22:02
Ryan: So
22:02
Ryan: are
22:02
Ryan: you
22:02
Ryan: thinking
22:03
Ryan: that,
22:03
Ryan: I
22:03
Ryan: think
22:04
Ryan: I
22:04
Ryan: know
22:04
Ryan: this
22:04
Ryan: answer,
22:05
Ryan: answer
22:05
Ryan: this
22:05
Ryan: demand
22:06
Ryan: for
22:06
Ryan: commodities
22:07
Ryan: probably
22:07
Ryan: long
22:07
Ryan: term
22:08
Ryan: and
22:08
Ryan: probably
22:08
Ryan: not
22:09
Ryan: gonna
22:09
Ryan: be
22:09
Ryan: ending
22:09
Ryan: anytime.
22:11
Paul Baiocchi: Yeah,
22:11
Paul Baiocchi: so
22:11
Paul Baiocchi: if
22:11
Paul Baiocchi: you
22:11
Paul Baiocchi: talk
22:12
Paul Baiocchi: to
22:12
Paul Baiocchi: a
22:12
Paul Baiocchi: commodities
22:12
Paul Baiocchi: guy
22:13
Paul Baiocchi: they
22:13
Paul Baiocchi: typically
22:14
Paul Baiocchi: think
22:14
Paul Baiocchi: that
22:14
Paul Baiocchi: we're
22:14
Paul Baiocchi: in
22:15
Paul Baiocchi: some
22:15
Paul Baiocchi: sort
22:15
Paul Baiocchi: of
22:15
Paul Baiocchi: supercycle
22:16
Paul Baiocchi: at
22:16
Paul Baiocchi: all
22:16
Paul Baiocchi: times,
22:17
Paul Baiocchi: and
22:18
Paul Baiocchi: that's
22:18
Paul Baiocchi: become
22:19
Paul Baiocchi: a
22:19
Paul Baiocchi: running
22:19
Paul Baiocchi: joke
22:20
Paul Baiocchi: in
22:20
Paul Baiocchi: the
22:20
Paul Baiocchi: industry.
22:21
Paul Baiocchi: But
22:21
Paul Baiocchi: the
22:21
Paul Baiocchi: truth
22:22
Paul Baiocchi: is.
22:22
Paul Baiocchi: We're
22:23
Paul Baiocchi: now
22:23
Paul Baiocchi: at
22:23
Paul Baiocchi: a
22:23
Paul Baiocchi: moment
22:24
Paul Baiocchi: where
22:24
Paul Baiocchi: you've
22:25
Paul Baiocchi: got
22:25
Paul Baiocchi: an
22:25
Paul Baiocchi: a
22:25
Paul Baiocchi: convergence
22:26
Paul Baiocchi: of
22:26
Paul Baiocchi: a
22:27
Paul Baiocchi: lot
22:27
Paul Baiocchi: of
22:27
Paul Baiocchi: massive
22:27
Paul Baiocchi: trends,
22:28
Paul Baiocchi: which
22:28
Paul Baiocchi: we
22:28
Paul Baiocchi: believe
22:28
Paul Baiocchi: are
22:29
Paul Baiocchi: secular
22:29
Paul Baiocchi: in
22:29
Paul Baiocchi: nature.
22:30
Paul Baiocchi: You've
22:30
Paul Baiocchi: got
22:30
Paul Baiocchi: resource
22:31
Paul Baiocchi: scarcity,
22:32
Paul Baiocchi: which
22:32
Paul Baiocchi: is
22:32
Paul Baiocchi: just
22:32
Paul Baiocchi: a
22:32
Paul Baiocchi: limitation
22:33
Paul Baiocchi: of
22:34
Paul Baiocchi: how
22:34
Paul Baiocchi: much
22:34
Paul Baiocchi: of
22:34
Paul Baiocchi: these
22:34
Paul Baiocchi: things
22:35
Paul Baiocchi: are
22:35
Paul Baiocchi: available
22:35
Paul Baiocchi: globally,
22:36
Paul Baiocchi: where
22:37
Paul Baiocchi: who
22:37
Paul Baiocchi: controls
22:38
Paul Baiocchi: them.
22:38
Paul Baiocchi: So
22:38
Paul Baiocchi: you
22:38
Paul Baiocchi: mentioned
22:39
Paul Baiocchi: Rare
22:39
Paul Baiocchi: Earth.
22:39
Paul Baiocchi: Famously,
22:40
Paul Baiocchi: China
22:41
Paul Baiocchi: to
22:42
Paul Baiocchi: own
22:42
Paul Baiocchi: much
22:42
Paul Baiocchi: of
22:43
Paul Baiocchi: the.
22:44
Paul Baiocchi: The
22:44
Paul Baiocchi: development,
22:45
Paul Baiocchi: processing,
22:46
Paul Baiocchi: et
22:46
Paul Baiocchi: cetera
22:47
Paul Baiocchi: of
22:47
Paul Baiocchi: those
22:47
Paul Baiocchi: rare
22:48
Paul Baiocchi: earth.
22:48
Paul Baiocchi: You
22:48
Paul Baiocchi: think
22:48
Paul Baiocchi: about
22:49
Paul Baiocchi: nickel,
22:49
Paul Baiocchi: which
22:50
Paul Baiocchi: is
22:50
Paul Baiocchi: an
22:50
Paul Baiocchi: important
22:50
Paul Baiocchi: input
22:51
Paul Baiocchi: into
22:51
Paul Baiocchi: EV
22:51
Paul Baiocchi: manufacturing,
22:52
Paul Baiocchi: battery
22:53
Paul Baiocchi: manufacturing.
22:53
Paul Baiocchi: China
22:54
Paul Baiocchi: has
22:54
Paul Baiocchi: significant
22:55
Paul Baiocchi: influence
22:55
Paul Baiocchi: on
22:56
Paul Baiocchi: that
22:56
Paul Baiocchi: market
22:56
Paul Baiocchi: as
22:56
Paul Baiocchi: well
22:57
Paul Baiocchi: and
22:57
Paul Baiocchi: part
22:57
Paul Baiocchi: of
22:57
Paul Baiocchi: the
22:57
Paul Baiocchi: current
22:58
Paul Baiocchi: administration's
22:59
Paul Baiocchi: focus
23:00
Paul Baiocchi: from
23:00
Paul Baiocchi: a
23:00
Paul Baiocchi: policy
23:00
Paul Baiocchi: perspective
23:01
Paul Baiocchi: is
23:01
Paul Baiocchi: figuring
23:01
Paul Baiocchi: out
23:02
Paul Baiocchi: ways
23:02
Paul Baiocchi: to
23:02
Paul Baiocchi: ensure.
23:03
Paul Baiocchi: That
23:03
Paul Baiocchi: the
23:04
Paul Baiocchi: US
23:04
Paul Baiocchi: and
23:04
Paul Baiocchi: the
23:04
Paul Baiocchi: developed
23:05
Paul Baiocchi: world
23:05
Paul Baiocchi: has
23:06
Paul Baiocchi: access
23:06
Paul Baiocchi: to
23:06
Paul Baiocchi: the
23:07
Paul Baiocchi: same
23:07
Paul Baiocchi: rye
23:07
Paul Baiocchi: inputs
23:08
Paul Baiocchi: to
23:08
Paul Baiocchi: help
23:08
Paul Baiocchi: us
23:09
Paul Baiocchi: achieve
23:10
Paul Baiocchi: our
23:10
Paul Baiocchi: ambitions,
23:11
Paul Baiocchi: which
23:11
Paul Baiocchi: means
23:11
Paul Baiocchi: investment
23:12
Paul Baiocchi: in
23:13
Paul Baiocchi: new
23:13
Paul Baiocchi: sources
23:14
Paul Baiocchi: of
23:14
Paul Baiocchi: those
23:15
Paul Baiocchi: commodities,
23:15
Paul Baiocchi: the
23:16
Paul Baiocchi: infrastructure
23:16
Paul Baiocchi: necessary
23:17
Paul Baiocchi: to
23:18
Paul Baiocchi: support
23:18
Paul Baiocchi: those
23:19
Paul Baiocchi: ambitions.
23:20
Paul Baiocchi: And
23:20
Paul Baiocchi: then
23:21
Paul Baiocchi: another
23:21
Paul Baiocchi: convergence
23:22
Paul Baiocchi: is
23:23
Paul Baiocchi: of
23:23
Paul Baiocchi: course,
23:23
Paul Baiocchi: the
23:23
Paul Baiocchi: demand
23:24
Paul Baiocchi: for
23:24
Paul Baiocchi: these
23:25
Paul Baiocchi: raw
23:25
Paul Baiocchi: materials
23:25
Paul Baiocchi: themselves,
23:26
Paul Baiocchi: which
23:26
Paul Baiocchi: is
23:26
Paul Baiocchi: not
23:26
Paul Baiocchi: just
23:26
Paul Baiocchi: coming
23:27
Paul Baiocchi: from
23:27
Paul Baiocchi: AI
23:27
Paul Baiocchi: data
23:27
Paul Baiocchi: centers.
23:28
Paul Baiocchi: It's
23:28
Paul Baiocchi: coming
23:28
Paul Baiocchi: from,
23:29
Paul Baiocchi: as
23:29
Paul Baiocchi: we
23:29
Paul Baiocchi: talked
23:29
Paul Baiocchi: about,
23:30
Paul Baiocchi: batteries.
23:31
Paul Baiocchi: The
23:31
Paul Baiocchi: application
23:31
Paul Baiocchi: of
23:32
Paul Baiocchi: storage
23:32
Paul Baiocchi: alongside
23:33
Paul Baiocchi: renewables,
23:33
Paul Baiocchi: alongside
23:34
Paul Baiocchi: traditional
23:35
Paul Baiocchi: fossil
23:35
Paul Baiocchi: fuels.
23:36
Paul Baiocchi: The
23:36
Paul Baiocchi: demand
23:37
Paul Baiocchi: for
23:38
Paul Baiocchi: uranium,
23:38
Paul Baiocchi: which
23:38
Paul Baiocchi: is
23:39
Paul Baiocchi: coming
23:39
Paul Baiocchi: from
23:40
Paul Baiocchi: the
23:40
Paul Baiocchi: development
23:41
Paul Baiocchi: of
23:41
Paul Baiocchi: small
23:41
Paul Baiocchi: modular
23:42
Paul Baiocchi: reactors
23:43
Paul Baiocchi: and
23:43
Paul Baiocchi: the
23:43
Paul Baiocchi: re
23:43
Paul Baiocchi: advent,
23:43
Paul Baiocchi: if
23:44
Paul Baiocchi: you
23:44
Paul Baiocchi: will,
23:44
Paul Baiocchi: of
23:44
Paul Baiocchi: nuclear
23:45
Paul Baiocchi: globally.
23:45
Paul Baiocchi: You're
23:46
Paul Baiocchi: also
23:46
Paul Baiocchi: now
23:46
Paul Baiocchi: seeing
23:47
Paul Baiocchi: demand
23:47
Paul Baiocchi: for
23:48
Paul Baiocchi: a
23:48
Paul Baiocchi: lot
23:48
Paul Baiocchi: of
23:48
Paul Baiocchi: these
23:48
Paul Baiocchi: inputs
23:49
Paul Baiocchi: coming
23:49
Paul Baiocchi: from
23:49
Paul Baiocchi: things
23:50
Paul Baiocchi: like
23:50
Paul Baiocchi: EVs,
23:51
Paul Baiocchi: autonomous
23:52
Paul Baiocchi: vehicles,
23:53
Paul Baiocchi: as
23:53
Paul Baiocchi: well
23:53
Paul Baiocchi: as.
23:54
Paul Baiocchi: Things
23:54
Paul Baiocchi: like
23:55
Paul Baiocchi: enterprise,
23:56
Paul Baiocchi: commercial
23:56
Paul Baiocchi: robotics
23:57
Paul Baiocchi: applications,
23:58
Paul Baiocchi: and
23:58
Paul Baiocchi: eventually
23:59
Paul Baiocchi: I've
23:59
Paul Baiocchi: been
23:59
Paul Baiocchi: told
23:59
Paul Baiocchi: we're
24:00
Paul Baiocchi: gonna
24:00
Paul Baiocchi: have
24:00
Paul Baiocchi: robots
24:00
Paul Baiocchi: in
24:00
Paul Baiocchi: our
24:00
Paul Baiocchi: houses.
24:01
Paul Baiocchi: So
24:02
Paul Baiocchi: you've
24:02
Paul Baiocchi: got
24:02
Paul Baiocchi: all
24:03
Paul Baiocchi: of
24:03
Paul Baiocchi: these
24:03
Paul Baiocchi: new
24:03
Paul Baiocchi: demand
24:04
Paul Baiocchi: sources
24:04
Paul Baiocchi: for
24:04
Paul Baiocchi: the
24:05
Paul Baiocchi: raw
24:05
Paul Baiocchi: materials
24:06
Paul Baiocchi: that
24:06
Paul Baiocchi: go
24:06
Paul Baiocchi: into
24:08
Paul Baiocchi: all
24:08
Paul Baiocchi: of
24:09
Paul Baiocchi: these
24:09
Paul Baiocchi: applications.
24:10
Paul Baiocchi: And
24:11
Paul Baiocchi: our
24:12
Paul Baiocchi: belief
24:12
Paul Baiocchi: long
24:12
Paul Baiocchi: term
24:13
Paul Baiocchi: is
24:13
Paul Baiocchi: that
24:13
Paul Baiocchi: this
24:13
Paul Baiocchi: secular
24:14
Paul Baiocchi: trend
24:15
Paul Baiocchi: is
24:15
Paul Baiocchi: unlikely
24:15
Paul Baiocchi: to
24:15
Paul Baiocchi: abate
24:16
Paul Baiocchi: anytime
24:16
Paul Baiocchi: soon.
24:17
Paul Baiocchi: And
24:17
Paul Baiocchi: commodities
24:18
Paul Baiocchi: make
24:18
Paul Baiocchi: for
24:19
Paul Baiocchi: a
24:19
Paul Baiocchi: really
24:19
Paul Baiocchi: important
24:19
Paul Baiocchi: portfolio
24:20
Paul Baiocchi: allocation
24:21
Paul Baiocchi: as
24:21
Paul Baiocchi: a
24:21
Paul Baiocchi: result
24:21
Paul Baiocchi: of
24:21
Paul Baiocchi: that.
24:22
Ryan: Yeah,
24:23
Ryan: you're
24:23
Ryan: exactly
24:24
Ryan: correct,
24:24
Ryan: Paul.
24:24
Ryan: I
24:25
Ryan: agree
24:25
Ryan: with
24:25
Ryan: you
24:25
Ryan: completely
24:26
Ryan: there.
24:26
Ryan: Let's
24:27
Ryan: talk
24:27
Ryan: about
24:27
Ryan: portfolio
24:28
Ryan: construction
24:29
Ryan: here.
24:30
Ryan: How
24:31
Ryan: should
24:31
Ryan: allocated.
24:32
Ryan: Or
24:32
Ryan: financial
24:33
Ryan: advisors.
24:33
Ryan: Think
24:34
Ryan: about
24:34
Ryan: commodities.
24:34
Ryan: You
24:34
Ryan: mentioned
24:35
Ryan: a
24:35
Ryan: diversifier.
24:37
Ryan: Is
24:37
Ryan: it
24:37
Ryan: something
24:37
Ryan: you
24:37
Ryan: just
24:38
Ryan: a
24:38
Ryan: diversifier
24:40
Ryan: during
24:40
Ryan: periods
24:40
Ryan: of
24:40
Ryan: this,
24:41
Ryan: or
24:41
Ryan: are
24:41
Ryan: you
24:41
Ryan: looking
24:41
Ryan: like
24:42
Ryan: a
24:42
Ryan: core
24:42
Ryan: holding?
24:43
Ryan: How
24:43
Ryan: should
24:43
Ryan: they
24:44
Ryan: view
24:44
Ryan: commodities?
24:45
Paul Baiocchi: Yeah,
24:46
Paul Baiocchi: so
24:46
Paul Baiocchi: I,
24:46
Paul Baiocchi: I
24:46
Paul Baiocchi: do
24:47
Paul Baiocchi: believe
24:47
Paul Baiocchi: that,
24:48
Paul Baiocchi: or
24:48
Paul Baiocchi: we
24:49
Paul Baiocchi: believe
24:49
Paul Baiocchi: that
24:50
Paul Baiocchi: commodity
24:50
Paul Baiocchi: should
24:50
Paul Baiocchi: be
24:50
Paul Baiocchi: a
24:51
Paul Baiocchi: durable
24:51
Paul Baiocchi: portfolio
24:52
Paul Baiocchi: allocation
24:53
Paul Baiocchi: as
24:53
Paul Baiocchi: part
24:53
Paul Baiocchi: of
24:53
Paul Baiocchi: an
24:53
Paul Baiocchi: asset
24:53
Paul Baiocchi: allocation
24:54
Paul Baiocchi: framework.
24:54
Paul Baiocchi: What
24:55
Paul Baiocchi: percentage
24:56
Paul Baiocchi: up
24:56
Paul Baiocchi: to
24:56
Paul Baiocchi: that
24:57
Paul Baiocchi: individual
24:57
Paul Baiocchi: advisor,
24:58
Paul Baiocchi: and
24:59
Paul Baiocchi: of
24:59
Paul Baiocchi: course,
24:59
Paul Baiocchi: is.
25:00
Paul Baiocchi: Up
25:00
Paul Baiocchi: to
25:00
Paul Baiocchi: the
25:00
Paul Baiocchi: individual
25:01
Paul Baiocchi: risk
25:01
Paul Baiocchi: tolerance
25:02
Paul Baiocchi: of
25:02
Paul Baiocchi: that
25:02
Paul Baiocchi: individual
25:02
Paul Baiocchi: client.
25:03
Paul Baiocchi: The
25:03
Paul Baiocchi: disclaimer
25:04
Paul Baiocchi: there,
25:04
Paul Baiocchi: but
25:05
Paul Baiocchi: at
25:05
Paul Baiocchi: a
25:05
Paul Baiocchi: high
25:05
Paul Baiocchi: level,
25:06
Paul Baiocchi: we
25:06
Paul Baiocchi: do
25:06
Paul Baiocchi: believe
25:07
Paul Baiocchi: that
25:07
Paul Baiocchi: there
25:07
Paul Baiocchi: should
25:07
Paul Baiocchi: be
25:07
Paul Baiocchi: a
25:07
Paul Baiocchi: durable,
25:08
Paul Baiocchi: long-term
25:09
Paul Baiocchi: allocation
25:09
Paul Baiocchi: of
25:09
Paul Baiocchi: commodities
25:10
Paul Baiocchi: based
25:10
Paul Baiocchi: on
25:10
Paul Baiocchi: their
25:11
Paul Baiocchi: diversification
25:11
Paul Baiocchi: properties
25:13
Paul Baiocchi: and
25:13
Paul Baiocchi: the
25:13
Paul Baiocchi: important
25:13
Paul Baiocchi: role
25:14
Paul Baiocchi: that
25:14
Paul Baiocchi: they're
25:14
Paul Baiocchi: playing
25:15
Paul Baiocchi: in
25:15
Paul Baiocchi: the
25:15
Paul Baiocchi: world
25:15
Paul Baiocchi: economy
25:16
Paul Baiocchi: on
25:16
Paul Baiocchi: a
25:16
Paul Baiocchi: go
25:16
Paul Baiocchi: forward
25:16
Paul Baiocchi: basis.
25:17
Paul Baiocchi: I
25:17
Paul Baiocchi: would
25:17
Paul Baiocchi: say
25:18
Paul Baiocchi: when
25:18
Paul Baiocchi: you
25:18
Paul Baiocchi: think
25:19
Paul Baiocchi: about
25:19
Paul Baiocchi: even
25:20
Paul Baiocchi: at
25:20
Paul Baiocchi: the
25:20
Paul Baiocchi: equity
25:20
Paul Baiocchi: level,
25:21
Paul Baiocchi: as
25:21
Paul Baiocchi: we
25:22
Paul Baiocchi: talked
25:22
Paul Baiocchi: about
25:22
Paul Baiocchi: some
25:22
Paul Baiocchi: of
25:22
Paul Baiocchi: the
25:22
Paul Baiocchi: sectors
25:23
Paul Baiocchi: that
25:23
Paul Baiocchi: are.
25:25
Paul Baiocchi: as
25:25
Paul Baiocchi: a
25:25
Paul Baiocchi: result
25:26
Paul Baiocchi: of
25:26
Paul Baiocchi: this
25:26
Paul Baiocchi: commodity,
25:27
Paul Baiocchi: supercycle.
25:28
Paul Baiocchi: Those
25:28
Paul Baiocchi: are
25:29
Paul Baiocchi: often
25:29
Paul Baiocchi: sectors
25:30
Paul Baiocchi: that
25:30
Paul Baiocchi: people
25:30
Paul Baiocchi: don't
25:30
Paul Baiocchi: have
25:31
Paul Baiocchi: a
25:31
Paul Baiocchi: lot
25:31
Paul Baiocchi: of
25:31
Paul Baiocchi: exposure
25:31
Paul Baiocchi: to,
25:32
Paul Baiocchi: so
25:32
Paul Baiocchi: we
25:32
Paul Baiocchi: don't
25:32
Paul Baiocchi: think
25:33
Paul Baiocchi: necessarily
25:34
Paul Baiocchi: that
25:34
Paul Baiocchi: the
25:34
Paul Baiocchi: only
25:35
Paul Baiocchi: thing
25:35
Paul Baiocchi: you
25:35
Paul Baiocchi: should
25:35
Paul Baiocchi: do
25:36
Paul Baiocchi: is
25:36
Paul Baiocchi: think
25:36
Paul Baiocchi: about
25:36
Paul Baiocchi: a
25:36
Paul Baiocchi: commodities
25:37
Paul Baiocchi: allocation
25:38
Paul Baiocchi: as
25:38
Paul Baiocchi: part
25:38
Paul Baiocchi: of
25:38
Paul Baiocchi: an
25:38
Paul Baiocchi: alt
25:38
Paul Baiocchi: sleeve
25:39
Paul Baiocchi: or
25:39
Paul Baiocchi: as
25:39
Paul Baiocchi: part
25:39
Paul Baiocchi: of
25:40
Paul Baiocchi: your
25:40
Paul Baiocchi: overall
25:41
Paul Baiocchi: asset
25:41
Paul Baiocchi: allocation
25:42
Paul Baiocchi: framework.
25:42
Paul Baiocchi: But
25:43
Paul Baiocchi: thinking
25:43
Paul Baiocchi: about
25:43
Paul Baiocchi: exposures.
25:45
Paul Baiocchi: To
25:45
Paul Baiocchi: diversify
25:46
Paul Baiocchi: your
25:46
Paul Baiocchi: equity
25:47
Paul Baiocchi: exposure
25:48
Paul Baiocchi: into,
25:48
Paul Baiocchi: say,
25:49
Paul Baiocchi: global
25:49
Paul Baiocchi: natural
25:49
Paul Baiocchi: resources
25:50
Paul Baiocchi: companies
25:51
Paul Baiocchi: into,
25:51
Paul Baiocchi: say,
25:52
Paul Baiocchi: some
25:52
Paul Baiocchi: of
25:52
Paul Baiocchi: the
25:52
Paul Baiocchi: sectors
25:53
Paul Baiocchi: that
25:53
Paul Baiocchi: stand
25:53
Paul Baiocchi: to
25:53
Paul Baiocchi: benefit
25:54
Paul Baiocchi: from
25:54
Paul Baiocchi: rising
25:54
Paul Baiocchi: electricity
25:55
Paul Baiocchi: demand,
25:55
Paul Baiocchi: and
25:55
Paul Baiocchi: the
25:55
Paul Baiocchi: implications
25:57
Paul Baiocchi: of
25:57
Paul Baiocchi: that
25:57
Paul Baiocchi: demand
25:58
Paul Baiocchi: on
25:58
Paul Baiocchi: the
25:58
Paul Baiocchi: commodities
25:59
Paul Baiocchi: themselves.
25:59
Paul Baiocchi: So
25:59
Paul Baiocchi: thinking
26:00
Paul Baiocchi: about
26:00
Paul Baiocchi: the
26:00
Paul Baiocchi: material
26:00
Paul Baiocchi: sector
26:01
Paul Baiocchi: or
26:01
Paul Baiocchi: the
26:01
Paul Baiocchi: energy
26:01
Paul Baiocchi: sector
26:02
Paul Baiocchi: as
26:02
Paul Baiocchi: well
26:02
Paul Baiocchi: as
26:03
Paul Baiocchi: even
26:03
Paul Baiocchi: the
26:03
Paul Baiocchi: utility
26:03
Paul Baiocchi: sector.
26:04
Paul Baiocchi: So
26:04
Paul Baiocchi: a
26:04
Paul Baiocchi: thematic
26:05
Paul Baiocchi: portfolio
26:06
Paul Baiocchi: that's
26:06
Paul Baiocchi: trying
26:07
Paul Baiocchi: to
26:07
Paul Baiocchi: play
26:07
Paul Baiocchi: on,
26:08
Paul Baiocchi: say.
26:08
Paul Baiocchi: Electrification
26:09
Paul Baiocchi: theme
26:09
Paul Baiocchi: and
26:09
Paul Baiocchi: span
26:10
Paul Baiocchi: some
26:10
Paul Baiocchi: of
26:10
Paul Baiocchi: those
26:10
Paul Baiocchi: sectors,
26:11
Paul Baiocchi: we
26:11
Paul Baiocchi: think
26:12
Paul Baiocchi: should
26:12
Paul Baiocchi: be
26:12
Paul Baiocchi: part
26:13
Paul Baiocchi: of
26:13
Paul Baiocchi: a
26:13
Paul Baiocchi: core
26:13
Paul Baiocchi: equity
26:14
Paul Baiocchi: allocation
26:14
Paul Baiocchi: because
26:15
Paul Baiocchi: if
26:15
Paul Baiocchi: you
26:16
Paul Baiocchi: think
26:16
Paul Baiocchi: about
26:16
Paul Baiocchi: a
26:16
Paul Baiocchi: market
26:17
Paul Baiocchi: cap
26:17
Paul Baiocchi: weighted
26:17
Paul Baiocchi: portfolio
26:18
Paul Baiocchi: like
26:18
Paul Baiocchi: the
26:18
Paul Baiocchi: s
26:18
Paul Baiocchi: and
26:18
Paul Baiocchi: p
26:18
Paul Baiocchi: 500,
26:19
Paul Baiocchi: which
26:19
Paul Baiocchi: as
26:19
Paul Baiocchi: we
26:19
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26:20
Paul Baiocchi: about
26:20
Paul Baiocchi: has
26:20
Paul Baiocchi: more
26:20
Paul Baiocchi: than
26:20
Paul Baiocchi: 50%
26:22
Paul Baiocchi: in
26:22
Paul Baiocchi: those
26:22
Paul Baiocchi: three
26:22
Paul Baiocchi: sectors
26:23
Paul Baiocchi: where
26:23
Paul Baiocchi: the
26:23
Paul Baiocchi: max
26:23
Paul Baiocchi: seven
26:23
Paul Baiocchi: lives,
26:24
Paul Baiocchi: in
26:24
Paul Baiocchi: many
26:24
Paul Baiocchi: ways,
26:25
Paul Baiocchi: that's
26:25
Paul Baiocchi: a
26:25
Paul Baiocchi: backward
26:26
Paul Baiocchi: looking
26:26
Paul Baiocchi: view
26:27
Paul Baiocchi: of
26:27
Paul Baiocchi: the
26:27
Paul Baiocchi: market
26:28
Paul Baiocchi: and
26:28
Paul Baiocchi: recent
26:28
Paul Baiocchi: history.
26:29
Paul Baiocchi: And
26:29
Paul Baiocchi: we
26:29
Paul Baiocchi: know
26:30
Paul Baiocchi: based
26:30
Paul Baiocchi: on
26:30
Paul Baiocchi: history.
26:31
Paul Baiocchi: The
26:31
Paul Baiocchi: sector
26:32
Paul Baiocchi: allocations
26:33
Paul Baiocchi: in
26:33
Paul Baiocchi: the
26:33
Paul Baiocchi: market
26:34
Paul Baiocchi: as
26:34
Paul Baiocchi: defined
26:34
Paul Baiocchi: by
26:34
Paul Baiocchi: a
26:34
Paul Baiocchi: market
26:35
Paul Baiocchi: cap
26:35
Paul Baiocchi: weighted
26:35
Paul Baiocchi: portfolio
26:36
Paul Baiocchi: evolve
26:36
Paul Baiocchi: over
26:37
Paul Baiocchi: time.
26:37
Paul Baiocchi: They
26:37
Paul Baiocchi: tend
26:37
Paul Baiocchi: to
26:37
Paul Baiocchi: be
26:37
Paul Baiocchi: somewhat
26:38
Paul Baiocchi: cyclical,
26:39
Paul Baiocchi: and
26:39
Paul Baiocchi: when
26:39
Paul Baiocchi: you
26:39
Paul Baiocchi: have
26:40
Paul Baiocchi: utilities,
26:40
Paul Baiocchi: materials
26:41
Paul Baiocchi: and
26:42
Paul Baiocchi: energy
26:42
Paul Baiocchi: adding
26:43
Paul Baiocchi: up
26:43
Paul Baiocchi: to
26:43
Paul Baiocchi: less
26:43
Paul Baiocchi: than
26:43
Paul Baiocchi: 10%
26:44
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26:44
Paul Baiocchi: the
26:44
Paul Baiocchi: s
26:44
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26:44
Paul Baiocchi: p
26:45
Paul Baiocchi: 500,
26:46
Paul Baiocchi: we
26:46
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26:46
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26:46
Paul Baiocchi: on
26:47
Paul Baiocchi: a
26:47
Paul Baiocchi: go
26:47
Paul Baiocchi: forward
26:47
Paul Baiocchi: basis
26:48
Paul Baiocchi: that's
26:48
Paul Baiocchi: likely
26:49
Paul Baiocchi: to
26:49
Paul Baiocchi: be
26:49
Paul Baiocchi: their
26:49
Paul Baiocchi: weight
26:50
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26:50
Paul Baiocchi: the
26:50
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26:51
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26:51
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26:51
Paul Baiocchi: 500
26:51
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26:52
Paul Baiocchi: on
26:52
Paul Baiocchi: these
26:52
Paul Baiocchi: massive
26:52
Paul Baiocchi: secular
26:53
Paul Baiocchi: trends.
26:53
Paul Baiocchi: And
26:54
Paul Baiocchi: so
26:54
Paul Baiocchi: if
26:54
Paul Baiocchi: you're
26:54
Paul Baiocchi: trying
26:54
Paul Baiocchi: to
26:55
Paul Baiocchi: get
26:55
Paul Baiocchi: ahead
26:55
Paul Baiocchi: of,
26:56
Paul Baiocchi: or
26:56
Paul Baiocchi: reorient.
26:57
Paul Baiocchi: Your
26:58
Paul Baiocchi: equity
26:58
Paul Baiocchi: allocation
26:59
Paul Baiocchi: toward
26:59
Paul Baiocchi: those
27:00
Paul Baiocchi: sectors
27:00
Paul Baiocchi: that
27:00
Paul Baiocchi: are
27:00
Paul Baiocchi: currently
27:01
Paul Baiocchi: underrepresented
27:02
Paul Baiocchi: at
27:02
Paul Baiocchi: based
27:02
Paul Baiocchi: on
27:03
Paul Baiocchi: a
27:03
Paul Baiocchi: market
27:03
Paul Baiocchi: cap
27:03
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27:04
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27:04
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27:04
Paul Baiocchi: the
27:04
Paul Baiocchi: market,
27:05
Paul Baiocchi: a
27:05
Paul Baiocchi: thematic
27:05
Paul Baiocchi: portfolio
27:07
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27:07
Paul Baiocchi: say
27:07
Paul Baiocchi: Lphi,
27:08
Paul Baiocchi: which
27:08
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27:09
Paul Baiocchi: on
27:09
Paul Baiocchi: this
27:09
Paul Baiocchi: theme
27:09
Paul Baiocchi: and
27:09
Paul Baiocchi: has
27:10
Paul Baiocchi: exposure
27:10
Paul Baiocchi: to
27:10
Paul Baiocchi: those
27:10
Paul Baiocchi: sectors.
27:11
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27:12
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27:12
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27:12
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27:12
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27:13
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27:14
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27:14
Paul Baiocchi: of
27:15
Paul Baiocchi: these
27:15
Paul Baiocchi: longer
27:15
Paul Baiocchi: term
27:15
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27:16
Paul Baiocchi: as
27:17
Paul Baiocchi: would
27:17
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27:17
Paul Baiocchi: a
27:17
Paul Baiocchi: global
27:18
Paul Baiocchi: natural
27:18
Paul Baiocchi: resources
27:19
Paul Baiocchi: portfolio
27:19
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27:20
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27:20
Paul Baiocchi: those
27:21
Paul Baiocchi: companies
27:22
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27:22
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27:22
Paul Baiocchi: mining
27:22
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27:23
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27:23
Paul Baiocchi: et
27:23
Paul Baiocchi: cetera,
27:24
Paul Baiocchi: those
27:25
Paul Baiocchi: commodities.
27:25
Paul Baiocchi: And
27:26
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27:26
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27:26
Paul Baiocchi: of
27:26
Paul Baiocchi: a
27:26
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27:27
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27:27
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27:27
Paul Baiocchi: this
27:27
Paul Baiocchi: portfolio,
27:28
Paul Baiocchi: which
27:28
Paul Baiocchi: is
27:28
Paul Baiocchi: designed
27:29
Paul Baiocchi: not
27:29
Paul Baiocchi: necessarily
27:30
Paul Baiocchi: to
27:30
Paul Baiocchi: reflect
27:30
Paul Baiocchi: where
27:30
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27:31
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27:31
Paul Baiocchi: from.
27:32
Paul Baiocchi: Likely
27:32
Paul Baiocchi: where
27:33
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27:33
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27:33
Paul Baiocchi: where
27:34
Paul Baiocchi: we're
27:34
Paul Baiocchi: going,
27:34
Paul Baiocchi: and
27:35
Paul Baiocchi: what
27:35
Paul Baiocchi: the
27:35
Paul Baiocchi: implications
27:36
Paul Baiocchi: are
27:36
Paul Baiocchi: of
27:37
Paul Baiocchi: these
27:37
Paul Baiocchi: massive
27:37
Paul Baiocchi: secular
27:38
Paul Baiocchi: trends
27:38
Paul Baiocchi: and
27:38
Paul Baiocchi: what
27:38
Paul Baiocchi: the
27:38
Paul Baiocchi: impact
27:39
Paul Baiocchi: is
27:39
Paul Baiocchi: likely
27:39
Paul Baiocchi: to
27:39
Paul Baiocchi: be
27:40
Paul Baiocchi: on
27:40
Paul Baiocchi: relative
27:41
Paul Baiocchi: returns.
27:42
Ryan: Paul,
27:43
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27:43
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27:44
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27:44
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27:44
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27:44
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27:44
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27:45
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27:45
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27:45
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27:45
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27:45
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27:46
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27:46
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27:46
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27:46
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27:46
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27:47
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27:48
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27:48
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27:49
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27:49
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27:50
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27:50
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27:50
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27:51
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27:51
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27:52
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27:52
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27:52
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27:52
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27:52
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27:53
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27:53
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27:53
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27:54
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27:54
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27:54
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27:55
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27:55
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27:55
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27:56
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27:56
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27:56
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27:57
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27:58
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27:59
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27:59
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27:59
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28:00
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28:00
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28:01
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28:02
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28:03
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28:03
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28:04
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28:04
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28:04
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28:04
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28:05
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28:05
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28:05
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28:05
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28:06
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28:06
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28:07
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28:07
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28:08
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28:08
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28:08
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28:09
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28:09
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28:09
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28:09
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28:10
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28:10
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28:11
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28:12
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28:12
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28:12
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28:12
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28:13
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28:13
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28:13
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28:14
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28:14
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28:14
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28:14
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28:15
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28:15
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28:16
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28:16
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28:16
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28:17
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28:17
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28:17
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28:17
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28:17
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28:18
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28:18
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28:19
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28:19
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28:19
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28:20
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28:20
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28:20
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28:20
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28:21
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28:22
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28:22
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28:23
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28:23
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28:23
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28:23
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28:24
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28:24
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28:24
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28:25
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28:25
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28:27
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28:27
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28:27
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28:27
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28:28
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28:28
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28:28
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28:29
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28:29
Ryan: you're
28:30
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28:30
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28:30
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28:30
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28:31
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28:32
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28:32
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28:32
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28:32
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28:32
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28:32
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28:33
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28:33
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28:33
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28:33
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28:34
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28:34
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28:34
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28:34
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28:35
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28:36
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28:36
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28:36
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28:36
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28:37
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28:37
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28:38
Paul Baiocchi: Yeah.
28:38
Paul Baiocchi: I
28:38
Paul Baiocchi: think
28:39
Paul Baiocchi: there's
28:39
Paul Baiocchi: a
28:39
Paul Baiocchi: couple
28:39
Paul Baiocchi: things
28:40
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28:40
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28:40
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28:40
Paul Baiocchi: think
28:41
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28:41
Paul Baiocchi: when
28:41
Paul Baiocchi: you're
28:41
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28:42
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28:43
Paul Baiocchi: perhaps.
28:44
Paul Baiocchi: Involve
28:45
Paul Baiocchi: some
28:45
Paul Baiocchi: of
28:45
Paul Baiocchi: these
28:46
Paul Baiocchi: conversations
28:47
Paul Baiocchi: and
28:47
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28:47
Paul Baiocchi: portfolios
28:48
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28:48
Paul Baiocchi: the
28:48
Paul Baiocchi: commodity
28:48
Paul Baiocchi: side.
28:49
Paul Baiocchi: What
28:49
Paul Baiocchi: most
28:49
Paul Baiocchi: people
28:50
Paul Baiocchi: don't
28:50
Paul Baiocchi: realize
28:50
Paul Baiocchi: is
28:51
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28:51
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28:51
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28:51
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28:52
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28:53
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28:53
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28:53
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28:54
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28:54
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28:54
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28:55
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28:55
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28:55
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28:56
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28:56
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28:57
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28:57
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28:57
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28:58
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28:58
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28:58
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28:58
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28:59
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28:59
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28:59
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29:00
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29:01
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29:01
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29:01
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29:02
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29:02
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29:02
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29:03
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29:03
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29:04
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29:04
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29:04
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29:05
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29:06
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29:06
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29:07
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29:07
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29:08
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29:08
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29:08
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29:09
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29:09
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29:10
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29:10
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29:10
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29:11
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29:11
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29:11
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29:12
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29:12
Paul Baiocchi: terms
29:12
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29:12
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29:13
Paul Baiocchi: and
29:13
Paul Baiocchi: demand
29:13
Paul Baiocchi: dynamics
29:14
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29:15
Paul Baiocchi: individual
29:15
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29:16
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29:16
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29:17
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29:17
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29:17
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29:18
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29:18
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29:18
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29:18
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29:18
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29:19
Paul Baiocchi: dynamic
29:20
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29:20
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29:20
Paul Baiocchi: other
29:20
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29:21
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29:21
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29:21
Paul Baiocchi: term
29:22
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29:23
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29:23
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29:23
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29:23
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29:24
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29:24
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29:25
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29:26
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29:26
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29:26
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29:26
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29:26
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29:27
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29:28
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29:28
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29:29
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29:29
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29:29
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29:29
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29:30
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29:30
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29:30
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29:30
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29:30
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29:31
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29:32
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29:32
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29:32
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29:33
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29:33
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29:33
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29:33
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29:34
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29:34
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29:34
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29:34
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29:35
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29:35
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29:35
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29:36
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29:36
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29:37
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29:37
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29:38
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29:38
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29:38
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29:39
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29:39
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29:39
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29:39
Paul Baiocchi: structure
29:40
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29:40
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29:40
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29:41
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29:41
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29:41
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29:41
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29:41
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29:42
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29:42
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29:42
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29:43
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29:43
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29:44
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29:44
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29:44
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29:45
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29:46
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29:46
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29:46
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29:46
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29:46
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29:47
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29:47
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29:47
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29:48
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29:48
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29:48
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29:48
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29:48
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29:48
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29:49
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29:49
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29:49
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29:49
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29:50
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29:50
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29:51
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29:51
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29:51
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29:51
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29:52
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29:52
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29:53
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29:53
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29:53
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29:54
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29:54
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29:54
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29:54
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29:55
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29:55
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29:55
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29:56
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29:57
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29:57
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29:57
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29:57
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29:58
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29:59
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29:59
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29:59
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29:59
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30:00
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30:00
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30:01
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30:01
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30:02
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30:02
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30:02
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30:03
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30:03
Paul Baiocchi: new
30:03
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30:04
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30:04
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30:05
Paul Baiocchi: sources
30:05
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30:05
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30:06
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30:07
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30:07
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30:07
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30:08
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30:08
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30:09
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30:09
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30:09
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30:10
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30:10
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30:10
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30:10
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30:10
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30:11
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30:11
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30:12
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30:12
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30:12
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30:12
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30:12
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30:13
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30:13
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30:14
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30:14
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30:15
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30:15
Paul Baiocchi: conditioners
30:16
Paul Baiocchi: and
30:16
Paul Baiocchi: refrigerators
30:17
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30:17
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30:19
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30:19
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30:19
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30:19
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30:20
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30:20
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30:21
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30:21
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30:21
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30:22
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30:22
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30:22
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30:22
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30:22
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30:23
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30:23
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30:23
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30:23
Paul Baiocchi: stable
30:24
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30:24
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30:25
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30:25
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30:26
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30:28
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30:28
Paul Baiocchi: investors
30:29
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30:29
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30:30
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30:30
Paul Baiocchi: much
30:30
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30:31
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30:31
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30:31
Paul Baiocchi: the
30:32
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30:32
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30:32
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30:32
Paul Baiocchi: past
30:33
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30:33
Paul Baiocchi: 15
30:33
Paul Baiocchi: years,
30:34
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30:34
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30:35
Paul Baiocchi: energy,
30:37
Paul Baiocchi: and
30:37
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30:38
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30:38
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30:38
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30:38
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30:39
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30:39
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30:39
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30:40
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30:40
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30:41
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30:41
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30:42
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30:42
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30:43
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30:43
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30:43
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30:44
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30:44
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30:44
Paul Baiocchi: core
30:45
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30:46
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30:47
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30:47
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30:48
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30:49
Paul Baiocchi: exposures
30:50
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30:50
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30:50
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30:50
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30:50
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30:51
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30:51
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30:51
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30:51
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30:51
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30:52
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30:52
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30:52
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30:52
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30:53
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30:53
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30:54
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30:54
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30:55
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30:55
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30:56
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30:56
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30:57
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30:57
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30:58
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30:58
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30:59
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31:00
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31:00
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31:00
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31:00
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31:00
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31:01
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31:02
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31:02
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31:03
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31:03
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31:03
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31:03
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31:04
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31:04
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31:05
Paul Baiocchi: from
31:05
Paul Baiocchi: multiple
31:05
Paul Baiocchi: different
31:05
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31:06
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31:06
Paul Baiocchi: solar,
31:07
Paul Baiocchi: hydro,
31:07
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31:07
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31:08
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31:08
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31:08
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31:09
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31:09
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31:10
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31:10
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31:10
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31:10
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31:10
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31:11
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31:11
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31:11
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31:12
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31:12
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31:12
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31:12
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31:13
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31:13
Paul Baiocchi: security
31:14
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31:14
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31:15
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31:15
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31:15
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31:15
Paul Baiocchi: new
31:16
Paul Baiocchi: sources
31:16
Paul Baiocchi: of
31:16
Paul Baiocchi: crude
31:17
Paul Baiocchi: oil
31:17
Paul Baiocchi: and
31:17
Paul Baiocchi: natural
31:17
Paul Baiocchi: gas.
31:18
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31:18
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31:19
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31:19
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31:20
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31:20
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31:20
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31:20
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31:21
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31:21
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31:22
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31:22
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31:23
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31:23
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31:23
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31:23
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31:23
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31:24
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31:24
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31:24
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31:25
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31:25
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31:26
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31:27
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31:28
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31:28
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31:28
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31:28
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31:28
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31:29
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31:29
Paul Baiocchi: a
31:29
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31:30
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31:30
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31:31
Paul Baiocchi: the
31:31
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31:31
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31:32
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31:32
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31:32
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31:33
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31:33
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31:33
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31:34
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31:34
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31:35
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31:35
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31:35
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31:35
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31:36
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31:36
Paul Baiocchi: in
31:36
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31:36
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31:37
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31:37
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31:37
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31:38
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31:39
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31:39
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31:39
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31:39
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31:39
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31:40
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31:40
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31:40
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31:40
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31:41
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31:41
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31:41
Paul Baiocchi: the
31:41
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31:42
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31:43
Paul Baiocchi: Or
31:43
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31:44
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31:44
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31:45
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31:46
Paul Baiocchi: powered
31:47
Paul Baiocchi: small
31:47
Paul Baiocchi: modular
31:48
Paul Baiocchi: reactor
31:49
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31:49
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31:49
Paul Baiocchi: And
31:49
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31:50
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31:50
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31:51
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31:51
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31:51
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31:51
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31:52
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31:52
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31:52
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31:52
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31:53
Paul Baiocchi: of
31:53
Paul Baiocchi: energy
31:53
Paul Baiocchi: security
31:54
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31:55
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31:55
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31:55
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31:55
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31:56
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31:56
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31:57
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31:57
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31:57
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31:58
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31:58
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31:58
Paul Baiocchi: an
31:58
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31:59
Paul Baiocchi: thematic
32:00
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32:00
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32:00
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32:00
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32:01
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32:02
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32:03
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32:03
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32:04
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32:04
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32:04
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32:04
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32:05
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32:05
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32:05
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32:06
Paul Baiocchi: continue
32:06
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32:06
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32:07
Paul Baiocchi: as
32:08
Paul Baiocchi: a
32:08
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32:08
Paul Baiocchi: to
32:08
Paul Baiocchi: both
32:08
Paul Baiocchi: the
32:08
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32:09
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32:10
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32:11
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32:11
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32:11
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32:12
Paul Baiocchi: Energy
32:13
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32:13
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32:14
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32:15
Paul Baiocchi: Then
32:15
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32:15
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32:15
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32:15
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32:16
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32:16
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32:18
Paul Baiocchi: Or
32:18
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32:18
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32:19
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32:19
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32:19
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32:19
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32:19
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32:20
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32:20
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32:20
Paul Baiocchi: Global
32:21
Paul Baiocchi: natural
32:21
Paul Baiocchi: Resources
32:22
Paul Baiocchi: company,
32:22
Paul Baiocchi: which
32:22
Paul Baiocchi: are
32:22
Paul Baiocchi: underrepresented
32:23
Paul Baiocchi: in
32:24
Paul Baiocchi: both
32:24
Paul Baiocchi: acqui
32:25
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32:25
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32:26
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32:26
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32:26
Paul Baiocchi: and
32:26
Paul Baiocchi: p
32:26
Paul Baiocchi: 500,
32:27
Paul Baiocchi: you
32:27
Paul Baiocchi: can
32:27
Paul Baiocchi: focus
32:28
Paul Baiocchi: in
32:28
Paul Baiocchi: a
32:28
Paul Baiocchi: portfolio
32:28
Paul Baiocchi: though.
32:29
Paul Baiocchi: So
32:29
Paul Baiocchi: it's
32:29
Paul Baiocchi: really
32:29
Paul Baiocchi: about
32:30
Paul Baiocchi: adding
32:31
Paul Baiocchi: a
32:31
Paul Baiocchi: mosaic
32:32
Paul Baiocchi: of
32:32
Paul Baiocchi: exposures
32:33
Paul Baiocchi: to
32:34
Paul Baiocchi: your
32:34
Paul Baiocchi: current
32:35
Paul Baiocchi: asset
32:35
Paul Baiocchi: allocation
32:36
Paul Baiocchi: in
32:36
Paul Baiocchi: anticipation
32:37
Paul Baiocchi: of
32:37
Paul Baiocchi: this
32:38
Paul Baiocchi: massive
32:38
Paul Baiocchi: check
32:38
Paul Baiocchi: secular
32:39
Paul Baiocchi: trend,
32:39
Paul Baiocchi: which
32:39
Paul Baiocchi: we
32:40
Paul Baiocchi: don't
32:40
Paul Baiocchi: think
32:40
Paul Baiocchi: is
32:40
Paul Baiocchi: abating
32:40
Paul Baiocchi: anytime
32:41
Paul Baiocchi: soon.
32:42
Ryan: Yeah,
32:42
Ryan: I
32:43
Ryan: agree.
32:43
Ryan: And
32:43
Ryan: Paul,
32:43
Ryan: that
32:44
Ryan: was.
32:45
Ryan: A
32:45
Ryan: great
32:45
Ryan: recap
32:46
Ryan: there.
32:46
Ryan: Ties
32:47
Ryan: us
32:47
Ryan: back
32:47
Ryan: to
32:48
Ryan: what
32:48
Ryan: we
32:48
Ryan: talked
32:48
Ryan: about
32:48
Ryan: at
32:49
Ryan: the
32:49
Ryan: opening
32:49
Ryan: and
32:49
Ryan: the
32:49
Ryan: ETFs
32:50
Ryan: and
32:50
Ryan: how
32:51
Ryan: innovation
32:52
Ryan: has,
32:53
Ryan: democratized
32:54
Ryan: investing,
32:54
Ryan: and
32:54
Ryan: this
32:55
Ryan: is
32:55
Ryan: a
32:55
Ryan: perfect
32:55
Ryan: example.
32:57
Ryan: Now
32:58
Ryan: you
32:58
Ryan: can
32:58
Ryan: get
32:59
Ryan: exposure
33:00
Ryan: to
33:00
Ryan: these
33:00
Ryan: little
33:01
Ryan: themes,
33:02
Ryan: like
33:02
Ryan: you
33:02
Ryan: said,
33:02
Ryan: whether
33:02
Ryan: it's
33:03
Ryan: nuclear
33:03
Ryan: energy,
33:04
Ryan: whereas
33:05
Ryan: maybe
33:06
Ryan: five,
33:06
Ryan: 10
33:06
Ryan: years
33:07
Ryan: ago
33:07
Ryan: you.
33:08
Ryan: Weren't
33:08
Ryan: able
33:08
Ryan: to
33:09
Ryan: get
33:09
Ryan: exposure
33:09
Ryan: unless
33:10
Ryan: you
33:10
Ryan: went
33:10
Ryan: out
33:10
Ryan: in
33:10
Ryan: the
33:10
Ryan: open
33:10
Ryan: market
33:11
Ryan: and
33:11
Ryan: bought
33:11
Ryan: futures
33:12
Ryan: or
33:12
Ryan: some
33:12
Ryan: type
33:13
Ryan: of
33:13
Ryan: contract.
33:14
Ryan: So
33:14
Ryan: now
33:14
Ryan: you,
33:14
Ryan: through
33:15
Ryan: ETFs
33:15
Ryan: and
33:15
Ryan: the
33:16
Ryan: innovation
33:17
Ryan: financial
33:17
Ryan: advisors
33:18
Ryan: are
33:18
Ryan: armed
33:19
Ryan: with
33:19
Ryan: more
33:19
Ryan: tools
33:21
Ryan: to
33:21
Ryan: take
33:21
Ryan: more
33:21
Ryan: of
33:22
Ryan: a
33:22
Ryan: thematic
33:22
Ryan: approach
33:23
Ryan: to
33:23
Ryan: take
33:23
Ryan: advantage
33:24
Ryan: of
33:24
Ryan: these
33:24
Ryan: secular
33:25
Ryan: trends,
33:26
Paul Baiocchi: Spoiled
33:26
Paul Baiocchi: for
33:26
Paul Baiocchi: choice.
33:27
Ryan: Yeah,
33:28
Ryan: exactly.
33:29
Ryan: One
33:29
Ryan: last
33:29
Ryan: thing,
33:30
Ryan: and
33:30
Ryan: you
33:30
Ryan: might
33:30
Ryan: be
33:30
Ryan: a
33:30
Ryan: little
33:31
Ryan: biased
33:31
Ryan: here,
33:32
Ryan: but
33:32
Ryan: how
33:32
Ryan: can
33:32
Ryan: financial
33:33
Ryan: advisors,
33:33
Ryan: allocators.
33:35
Ryan: Implement
33:35
Ryan: comm
33:35
Ryan: mod
33:36
Ryan: and
33:36
Ryan: their
33:36
Ryan: investment
33:36
Ryan: port.
33:37
Ryan: Like
33:37
Ryan: what
33:37
Ryan: type
33:37
Ryan: of
33:37
Ryan: products?
33:38
Ryan: A
33:38
Ryan: lot
33:39
Ryan: of
33:39
Ryan: talk
33:39
Ryan: about
33:39
Ryan: MLPs
33:41
Ryan: stuff
33:41
Ryan: like
33:41
Ryan: that
33:41
Ryan: is
33:42
Ryan: really
33:42
Ryan: the
33:42
Ryan: best
33:42
Ryan: way.
33:43
Ryan: Just,
33:43
Ryan: do
33:43
Ryan: ETFs
33:44
Ryan: maybe
33:44
Ryan: take
33:45
Ryan: a
33:45
Ryan: active
33:45
Ryan: ETF
33:46
Ryan: approach
33:46
Ryan: or
33:47
Ryan: there
33:47
Ryan: are
33:48
Ryan: other
33:48
Ryan: ways
33:48
Ryan: that
33:48
Ryan: financial
33:49
Ryan: advisors
33:49
Ryan: can
33:50
Ryan: gain
33:50
Ryan: exposure
33:50
Ryan: to
33:51
Ryan: these
33:51
Ryan: investment
33:52
Ryan: themes.
33:53
Paul Baiocchi: Yeah,
33:53
Paul Baiocchi: so
33:53
Paul Baiocchi: to
33:54
Paul Baiocchi: physical
33:54
Paul Baiocchi: commodities
33:55
Paul Baiocchi: or
33:55
Paul Baiocchi: futures
33:56
Paul Baiocchi: based
33:56
Paul Baiocchi: commodity
33:56
Paul Baiocchi: strategies.
33:57
Paul Baiocchi: Our
33:57
Paul Baiocchi: argument
33:58
Paul Baiocchi: to
33:58
Paul Baiocchi: your
33:58
Paul Baiocchi: point
33:58
Paul Baiocchi: about
33:58
Paul Baiocchi: being
33:58
Paul Baiocchi: biased
33:59
Paul Baiocchi: would
33:59
Paul Baiocchi: be
33:59
Paul Baiocchi: SDCI,
34:00
Paul Baiocchi: which
34:01
Paul Baiocchi: is
34:01
Paul Baiocchi: the
34:01
Paul Baiocchi: USCF
34:02
Paul Baiocchi: investment
34:02
Paul Baiocchi: strategy,
34:03
Paul Baiocchi: which
34:03
Paul Baiocchi: we
34:03
Paul Baiocchi: talked
34:03
Paul Baiocchi: a
34:03
Paul Baiocchi: little
34:04
Paul Baiocchi: bit
34:04
Paul Baiocchi: about.
34:04
Paul Baiocchi: Dynamic
34:05
Paul Baiocchi: monthly
34:05
Paul Baiocchi: rebalance
34:06
Paul Baiocchi: towards
34:07
Paul Baiocchi: a
34:07
Paul Baiocchi: basket
34:07
Paul Baiocchi: of
34:07
Paul Baiocchi: commodities
34:08
Paul Baiocchi: with.
34:08
Paul Baiocchi: Term
34:08
Paul Baiocchi: structures
34:09
Paul Baiocchi: who
34:09
Paul Baiocchi: are
34:09
Paul Baiocchi: more
34:10
Paul Baiocchi: attractive.
34:10
Paul Baiocchi: So
34:10
Paul Baiocchi: think
34:11
Paul Baiocchi: backwardation
34:11
Paul Baiocchi: versus
34:12
Paul Baiocchi: contango.
34:13
Paul Baiocchi: Not
34:13
Paul Baiocchi: to
34:13
Paul Baiocchi: get
34:13
Paul Baiocchi: too
34:13
Paul Baiocchi: far
34:13
Paul Baiocchi: down
34:14
Paul Baiocchi: the
34:14
Paul Baiocchi: rabbit
34:14
Paul Baiocchi: hole
34:14
Paul Baiocchi: there,
34:14
Paul Baiocchi: but
34:15
Paul Baiocchi: if
34:15
Paul Baiocchi: you
34:15
Paul Baiocchi: look
34:15
Paul Baiocchi: at
34:15
Paul Baiocchi: the
34:15
Paul Baiocchi: relative
34:16
Paul Baiocchi: performance
34:17
Paul Baiocchi: of
34:17
Paul Baiocchi: SDCI
34:17
Paul Baiocchi: to
34:18
Paul Baiocchi: just
34:18
Paul Baiocchi: a
34:19
Paul Baiocchi: static
34:19
Paul Baiocchi: weighting
34:20
Paul Baiocchi: based
34:20
Paul Baiocchi: on
34:20
Paul Baiocchi: production,
34:21
Paul Baiocchi: the
34:21
Paul Baiocchi: relative
34:22
Paul Baiocchi: performance
34:22
Paul Baiocchi: has
34:23
Paul Baiocchi: been
34:23
Paul Baiocchi: very
34:23
Paul Baiocchi: strong.
34:24
Paul Baiocchi: And
34:24
Paul Baiocchi: so
34:24
Paul Baiocchi: I
34:24
Paul Baiocchi: would
34:25
Paul Baiocchi: separate
34:25
Paul Baiocchi: out
34:26
Paul Baiocchi: a
34:26
Paul Baiocchi: actual
34:27
Paul Baiocchi: allocation
34:28
Paul Baiocchi: to
34:28
Paul Baiocchi: commodities
34:29
Paul Baiocchi: themselves
34:29
Paul Baiocchi: from
34:30
Paul Baiocchi: how
34:30
Paul Baiocchi: you.
34:31
Paul Baiocchi: Implement
34:32
Paul Baiocchi: an
34:33
Paul Baiocchi: equity
34:33
Paul Baiocchi: based
34:33
Paul Baiocchi: strategy
34:34
Paul Baiocchi: to
34:34
Paul Baiocchi: play
34:35
Paul Baiocchi: on
34:35
Paul Baiocchi: some
34:35
Paul Baiocchi: of
34:35
Paul Baiocchi: these
34:35
Paul Baiocchi: trends.
34:35
Paul Baiocchi: And
34:36
Paul Baiocchi: so
34:36
Paul Baiocchi: setting
34:36
Paul Baiocchi: that
34:36
Paul Baiocchi: aside,
34:37
Paul Baiocchi: I
34:37
Paul Baiocchi: would
34:38
Paul Baiocchi: say
34:38
Paul Baiocchi: thinking
34:39
Paul Baiocchi: about
34:40
Paul Baiocchi: the
34:40
Paul Baiocchi: makeup
34:40
Paul Baiocchi: of
34:41
Paul Baiocchi: your
34:41
Paul Baiocchi: equity
34:41
Paul Baiocchi: allocation
34:42
Paul Baiocchi: and
34:42
Paul Baiocchi: where
34:42
Paul Baiocchi: you
34:43
Paul Baiocchi: have
34:43
Paul Baiocchi: significant
34:44
Paul Baiocchi: weights,
34:44
Paul Baiocchi: which
34:44
Paul Baiocchi: in
34:44
Paul Baiocchi: most
34:44
Paul Baiocchi: people's
34:45
Paul Baiocchi: portfolios
34:46
Paul Baiocchi: is
34:46
Paul Baiocchi: to
34:46
Paul Baiocchi: those
34:46
Paul Baiocchi: key
34:47
Paul Baiocchi: sectors,
34:47
Paul Baiocchi: tech
34:48
Paul Baiocchi: come
34:49
Paul Baiocchi: services,
34:50
Paul Baiocchi: discretionary,
34:51
Paul Baiocchi: and
34:51
Paul Baiocchi: how
34:51
Paul Baiocchi: you
34:51
Paul Baiocchi: can
34:52
Paul Baiocchi: round
34:52
Paul Baiocchi: out
34:52
Paul Baiocchi: that
34:52
Paul Baiocchi: exposure
34:53
Paul Baiocchi: to
34:54
Paul Baiocchi: some
34:54
Paul Baiocchi: sectors
34:54
Paul Baiocchi: who
34:54
Paul Baiocchi: more
34:55
Paul Baiocchi: directly
34:55
Paul Baiocchi: benefit.
34:56
Paul Baiocchi: From
34:56
Paul Baiocchi: that
34:57
Paul Baiocchi: massive
34:57
Paul Baiocchi: CapEx
34:57
Paul Baiocchi: budget
34:58
Paul Baiocchi: coming
34:58
Paul Baiocchi: specifically
34:59
Paul Baiocchi: from
34:59
Paul Baiocchi: the
34:59
Paul Baiocchi: hyperscalers.
35:00
Paul Baiocchi: 'cause
35:00
Paul Baiocchi: if
35:01
Paul Baiocchi: you
35:01
Paul Baiocchi: separate
35:01
Paul Baiocchi: out
35:01
Paul Baiocchi: who's
35:02
Paul Baiocchi: driving
35:02
Paul Baiocchi: rising
35:03
Paul Baiocchi: electricity
35:03
Paul Baiocchi: demand
35:04
Paul Baiocchi: and
35:04
Paul Baiocchi: putting
35:04
Paul Baiocchi: pressure
35:05
Paul Baiocchi: on
35:05
Paul Baiocchi: these
35:05
Paul Baiocchi: commodities
35:06
Paul Baiocchi: and
35:06
Paul Baiocchi: putting
35:06
Paul Baiocchi: pressure
35:07
Paul Baiocchi: on
35:08
Paul Baiocchi: some
35:08
Paul Baiocchi: of
35:08
Paul Baiocchi: these
35:08
Paul Baiocchi: scarce
35:09
Paul Baiocchi: resources
35:09
Paul Baiocchi: globally
35:10
Paul Baiocchi: and
35:10
Paul Baiocchi: set
35:11
Paul Baiocchi: aside
35:11
Paul Baiocchi: the
35:11
Paul Baiocchi: companies
35:11
Paul Baiocchi: who
35:12
Paul Baiocchi: stand
35:12
Paul Baiocchi: to
35:12
Paul Baiocchi: benefit
35:12
Paul Baiocchi: from
35:13
Paul Baiocchi: it.
35:13
Paul Baiocchi: When
35:13
Paul Baiocchi: you
35:13
Paul Baiocchi: think
35:13
Paul Baiocchi: about
35:13
Paul Baiocchi: the
35:14
Paul Baiocchi: companies
35:14
Paul Baiocchi: who
35:14
Paul Baiocchi: stand
35:14
Paul Baiocchi: to
35:14
Paul Baiocchi: benefit
35:15
Paul Baiocchi: from
35:15
Paul Baiocchi: it,
35:15
Paul Baiocchi: whether
35:15
Paul Baiocchi: it's
35:15
Paul Baiocchi: utilities
35:16
Paul Baiocchi: companies,
35:16
Paul Baiocchi: materials
35:17
Paul Baiocchi: companies,
35:17
Paul Baiocchi: energy
35:18
Paul Baiocchi: companies,
35:18
Paul Baiocchi: to
35:18
Paul Baiocchi: an
35:18
Paul Baiocchi: extent
35:19
Paul Baiocchi: industrials,
35:20
Paul Baiocchi: companies
35:20
Paul Baiocchi: as
35:20
Paul Baiocchi: well,
35:20
Paul Baiocchi: even.
35:21
Paul Baiocchi: Solar
35:22
Paul Baiocchi: companies
35:22
Paul Baiocchi: and
35:22
Paul Baiocchi: renewable
35:23
Paul Baiocchi: companies
35:23
Paul Baiocchi: that
35:23
Paul Baiocchi: sit
35:24
Paul Baiocchi: within
35:24
Paul Baiocchi: the
35:24
Paul Baiocchi: technology
35:24
Paul Baiocchi: sector.
35:25
Paul Baiocchi: You
35:25
Paul Baiocchi: have
35:25
Paul Baiocchi: plenty
35:26
Paul Baiocchi: of
35:26
Paul Baiocchi: exposure,
35:27
Paul Baiocchi: in
35:27
Paul Baiocchi: most
35:27
Paul Baiocchi: cases
35:28
Paul Baiocchi: to
35:28
Paul Baiocchi: the
35:28
Paul Baiocchi: companies
35:28
Paul Baiocchi: driving
35:29
Paul Baiocchi: the
35:30
Paul Baiocchi: demand
35:30
Paul Baiocchi: for
35:30
Paul Baiocchi: these
35:31
Paul Baiocchi: scarce
35:31
Paul Baiocchi: commodities
35:32
Paul Baiocchi: and
35:32
Paul Baiocchi: for
35:33
Paul Baiocchi: electricity.
35:34
Paul Baiocchi: You
35:34
Paul Baiocchi: don't
35:34
Paul Baiocchi: necessarily,
35:35
Paul Baiocchi: in
35:35
Paul Baiocchi: a
35:35
Paul Baiocchi: diversified
35:36
Paul Baiocchi: asset
35:36
Paul Baiocchi: allocation,
35:37
Paul Baiocchi: have
35:37
Paul Baiocchi: a
35:37
Paul Baiocchi: lot
35:37
Paul Baiocchi: of
35:37
Paul Baiocchi: exposure
35:38
Paul Baiocchi: to
35:38
Paul Baiocchi: the
35:38
Paul Baiocchi: companies
35:38
Paul Baiocchi: who
35:38
Paul Baiocchi: stand
35:39
Paul Baiocchi: to
35:39
Paul Baiocchi: benefit
35:39
Paul Baiocchi: from
35:40
Paul Baiocchi: it.
35:40
Paul Baiocchi: And
35:40
Paul Baiocchi: so
35:40
Paul Baiocchi: can
35:40
Paul Baiocchi: you
35:40
Paul Baiocchi: get
35:41
Paul Baiocchi: ahead
35:41
Paul Baiocchi: of
35:41
Paul Baiocchi: that?
35:42
Paul Baiocchi: And
35:43
Paul Baiocchi: in,
35:43
Paul Baiocchi: in
35:43
Paul Baiocchi: some
35:43
Paul Baiocchi: ways
35:43
Paul Baiocchi: position
35:44
Paul Baiocchi: your
35:44
Paul Baiocchi: portfolio
35:45
Paul Baiocchi: so
35:45
Paul Baiocchi: that
35:45
Paul Baiocchi: when
35:45
Paul Baiocchi: those
35:45
Paul Baiocchi: sectors
35:46
Paul Baiocchi: become
35:46
Paul Baiocchi: a
35:46
Paul Baiocchi: bigger
35:47
Paul Baiocchi: piece
35:47
Paul Baiocchi: of
35:47
Paul Baiocchi: the
35:48
Paul Baiocchi: s
35:48
Paul Baiocchi: and
35:48
Paul Baiocchi: p
35:48
Paul Baiocchi: 500,
35:49
Paul Baiocchi: as
35:49
Paul Baiocchi: their
35:49
Paul Baiocchi: relative
35:50
Paul Baiocchi: performance
35:50
Paul Baiocchi: drives
35:51
Paul Baiocchi: their
35:51
Paul Baiocchi: relative
35:52
Paul Baiocchi: market
35:52
Paul Baiocchi: cap
35:52
Paul Baiocchi: up,
35:53
Paul Baiocchi: are
35:53
Paul Baiocchi: you
35:53
Paul Baiocchi: positioned
35:54
Paul Baiocchi: ahead
35:54
Paul Baiocchi: of
35:54
Paul Baiocchi: that?
35:55
Paul Baiocchi: Not
35:55
Paul Baiocchi: behind
35:56
Paul Baiocchi: it.
35:56
Ryan: Paul,
35:57
Ryan: awesome
35:58
Ryan: conversation.
35:59
Ryan: So
35:59
Ryan: much
35:59
Ryan: fun
36:00
Ryan: going
36:00
Ryan: into
36:01
Ryan: it.
36:01
Ryan: I
36:01
Ryan: was
36:01
Ryan: really
36:01
Ryan: excited
36:02
Ryan: about
36:02
Ryan: this
36:02
Ryan: conversation.
36:03
Ryan: He
36:03
Ryan: did
36:03
Ryan: not
36:03
Ryan: disappoint.
36:04
Ryan: Thank
36:05
Ryan: you
36:05
Ryan: so
36:05
Ryan: much
36:05
Ryan: for
36:06
Ryan: bringing
36:06
Ryan: such
36:06
Ryan: great
36:07
Ryan: insight.
36:08
Ryan: Lot
36:08
Ryan: of
36:08
Ryan: fun
36:08
Ryan: information.
36:09
Ryan: And
36:10
Ryan: just
36:10
Ryan: to
36:10
Ryan: an
36:10
Ryan: area
36:11
Ryan: where,
36:11
Ryan: like
36:11
Ryan: you
36:12
Ryan: said,
36:12
Ryan: it
36:12
Ryan: should
36:12
Ryan: be
36:12
Ryan: a,
36:13
Ryan: a.
36:13
Ryan: Portion
36:14
Ryan: of
36:14
Ryan: a
36:14
Ryan: portfolio,
36:15
Ryan: long
36:16
Ryan: term
36:17
Ryan: core
36:17
Ryan: holding
36:18
Ryan: to,
36:18
Ryan: and
36:19
Ryan: there's
36:19
Ryan: a
36:19
Ryan: lot
36:19
Ryan: more
36:19
Ryan: opportunities
36:20
Ryan: in
36:20
Ryan: commodities
36:21
Ryan: than
36:21
Ryan: I
36:21
Ryan: think
36:22
Ryan: there
36:22
Ryan: was
36:22
Ryan: maybe
36:23
Ryan: 10
36:23
Ryan: years
36:23
Ryan: ago.
36:24
Paul Baiocchi: A
36:24
Ryan: fantastic
36:25
Ryan: stuff.
36:25
Paul Baiocchi: awesome,
36:25
Paul Baiocchi: Ryan.
36:26
Paul Baiocchi: Thank
36:26
Paul Baiocchi: you.
36:26
Ryan: Yeah.
36:27
Ryan: Where
36:28
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36:28
Ryan: our
36:28
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36:29
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36:29
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36:29
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36:30
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36:30
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36:31
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36:31
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36:31
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36:32
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36:33
Paul Baiocchi: Alps
36:34
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36:35
Paul Baiocchi: easy.
36:35
Paul Baiocchi: URL
36:37
Paul Baiocchi: tons
36:37
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36:38
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36:38
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36:38
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36:39
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36:39
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36:40
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36:43
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36:44
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36:44
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36:44
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36:45
Ryan: Yeah,
36:46
Ryan: you
36:46
Ryan: guys
36:46
Ryan: do
36:46
Ryan: a
36:46
Ryan: lot
36:47
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36:47
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36:47
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36:48
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36:48
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36:48
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36:49
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36:50
Ryan: I
36:50
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36:50
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36:50
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36:50
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36:51
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36:51
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36:51
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36:52
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36:52
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36:52
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36:52
Ryan: so
36:53
Ryan: thank
36:54
Ryan: you
36:54
Ryan: so
36:54
Ryan: much,
36:54
Ryan: Paul.
36:55
Ryan: Great
36:55
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36:56
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36:56
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36:56
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36:56
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36:57
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36:57
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36:57
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36:57
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36:58
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36:58
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36:58
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36:59
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37:00
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37:00
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37:01
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37:05
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37:11
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37:12
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37:12
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37:12
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37:13
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37:13
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37:13
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37:13
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37:13
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37:13
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