Talk Your Book: How to Invest in Commodities

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 1 September 2025

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Don Casturo, CIO at Quantix Commodities LP and Kristof Gleich, President & CIO at Harbor Capital to discuss: how to invest more thoughtfully in a broad basket of commodities, how investors typically allocate to commodities as an asset class, why the index doesn't make sense anymore and how commodities can hedge more traditional portfolios. Find complete show notes on our blogs... Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://idontshop.com⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's Animal Spirits Talk Your Book is brought to you by Harbor Capital. Go to
0:04.7	Harbor Capital.com to learn more about HGERR, their Harbor Commodity All Weather Strategy
0:09.9	ETF. That's harborcapital.com to learn more.
0:15.3	Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael
0:20.1	Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
0:24.1	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholt's wealth management.
0:30.6	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
0:36.6	Clients of Riddholt's wealth management may maintain positions in the securities discussed in this podcast.
0:45.0	Welcome to Animal Spurits with Michael and Ben.
0:48.4	Is the dollar bull market over, Ben?
0:51.2	Sure seems like it.
0:52.0	It's definitely taking a punch on the chin, correct?
0:54.7	A punch on the chin. That doesn't sound right. That doesn't sound right.
0:58.5	Taking it on the chin.
0:59.4	Well, one of the things that benefits with a weakening dollar are commodities. And don't look now, Ben,
1:07.9	or you can if you want. Gold has been one of the best performing assets over the last year. Over the last couple of years, it's doing well. And the technician in May says it looks like it's going higher. It is going higher. What I'm talking about it? Not a prediction. It's going higher. It's up today. Commodity does move higher. I guess people are luring about inflation again.
1:29.4	No, it's interesting, though.
1:30.1	I was talking with Jan Vanek about this yesterday.
1:33.5	Investors are still apathetic about commodities.
1:37.8	They're not seeing a whole lot of investor demand, if you look across the industry, which tells me that it's early.
1:49.1	And these things tend to run for years out of the time.
1:52.5	So you think it's because that we've been in this essentially sideways market for
	...

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