Today's Animal Spirits Talk Your Book is brought to you by USCF Investments.

Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and

Ben Carlson as they talk about what they're reading, writing, and watching. Michael Battenick and

Ben Carlson work for Ritt Holtz Wealth Management. All opinions expressed by Michael and Ben

or any podcast guests are solely their own opinions and do not reflect the opinion of Ritthold's

wealth management. This podcast is for informational purposes only and should not be relied

upon for investment decisions. Clients of Rithold's wealth management may maintain positions

in the securities discussed in this podcast. On today's show, we spoke with

John Love of USCF investments, as well as Geert Rowanhurst of the Yale School of Management.

And we spoke all about commodities and Geert's research and primarily crude oil and how

investors can get exposure to it through an ETF. I liked this chat because we had a good balance between

someone who straddles the fund world and the academic world and someone who's just in the

fund world. And Geert came prepared with a lot of data and stats and papers because he's written

a lot about this. So I thought that his background did this was interesting because he's got

a new paper out that he was talking about. It's called the Commodities Future Risk Premium,

where he looked at futures of commodities going back to 1871. So it was like 1871 to 2018.

When did he publish that? So it was just published in September 2019, it looks like. It's on SSRN.

Was that an update to one that he did previously? He's written a lot on commodities in the past. This is a new one. I think he went further back than he. I think in the past, he'd gone back to the 50s or 60s maybe. But he said he found 230 commodities futures that traded between 1871 and 2018.

A lot of them are no longer available.

But apparently, and he mentioned this on our talk, that it was actually not that hard to find

some of these old commodity futures.

But I thought one of the more interesting aspects of this was, so we talked specifically

...