Pierre Andurand Says the World Could Run Out of Cocoa Inventories
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 16 May 2024
⏱️ 49 minutes
🧾️ Download transcript
Summary
Pierre Andurand made his name trading oil and other energy-related assets, but wild swings in the price of cocoa have recently lured the founder of Andurand Capital Management into a new market. He bet on cocoa earlier this year and saw the trade pay off as the price of the beans surged to a record $12,000 a ton. Prices have since fallen back to around $7,800, but Andurand sees scope for further upside as extreme deficits in the building blocks of chocolate loom. In this episode, we talk about how he entered the cocoa market, how he formed his investment thesis, and potential interest in other soft commodities, like coffee and orange juice. We also talk about copper, where a similar story of structural shortages is now playing out in prices.
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| 1:07.0 | Podcasts, radio news. Hello and welcome to another episode of the Oddbots podcast. |
| 1:25.0 | I'm Tracy Allaway. |
| 1:27.0 | And I'm Joe Wiesenthal. |
| 1:28.0 | Joe, can I tell you something? |
| 1:30.0 | It's slightly embarrassing. |
| 1:31.0 | This could be held many things that but yes go on. Okay so I had a self |
| 1:36.6 | realization the other day I think I might have prepper tendencies. I'm not I didn't know that but that doesn't totally surprise like it sort of fits I can you're like yes you're paranoid this makes total sense. |
| 1:49.7 | I kind of get that. So the reason I had this realization we recorded an episode recently on the big surge in cocoa prices. |
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