The Investors Who Think Hazelnuts Will Be the Next Pistachios

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 14 August 2025

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

We're in an age where shocks can occur on both the supply side and the demand side. On the supply side, the causes are well known. Pandemics, trade wars, and climate disruption have exposed the frailty of supply chains in goods too numerous to list. On the demand side, the tendency for certain goods to suddenly go "viral" among consumers can be impossible to predict. Take Dubai chocolate. The craze for pistachio-filled candy came out of nowhere, in part thanks to social media. Our guests on this episode are super bullish on a different nut. Burton Flynn and Ivan Nechunaev are managing partners at Terra Nova Capital Advisors, where they look for unusual investments in frontier markets all around the world. On this episode, they tell us about their bull case for hazelnuts, including where they're grown, the economics of hazelnut agriculture, and the limited ways of playing this popular nut.

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Transcript

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0:36.4	Bloomberg Audio Studios.
0:38.6	Podcasts Radio News.
0:51.7	Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Weissenthal.
0:56.8	And I'm Tracy Allaway.
0:58.3	Tracy, you know I've never had Nutella before.
1:00.6	I know that. I think we were talking about this the other day and I said, and I mean this
1:05.4	100%, and I don't mean it to come off badly, but I genuinely feel really sorry for you for never
1:10.6	having Nutella. I feel like you are missing out on one of the best things. I don't mean it to come off badly, but I genuinely feel really sorry for you for never having
1:11.1	Nutella. I feel like you are missing out on one of the best things in life.
1:15.6	And, you know, I've never had the Dubai chocolate before either.
1:18.9	I know. Again, my sympathy for you just continues to expand.
1:23.3	So as everyone knows, you know, I'm just like a real ahead of the curve guy on most things.
1:27.0	I was really ahead of the curve on having nut allergies. Because now, like, all kids basically have nut allergies, it seems like, are like half the kids in any my kids class. But I was like really early on in the 1980s old. You were having nut allergies before it was cool? I was having nut allergies before it was cool. I'm aware that people love Nutella. I'm aware that people love Dubai chocolate or some people do, or they at least
1:48.7	posting about it on Instagram and all things, pistachios, et cetera. And yes, but I take it. It's all good
1:54.6	stuff. It's so good. Oh, my God. It's, I mean, there is nothing better than eating Nutella out of a spoon. Or sorry, eating Nutella out of a jar with a spoon, preferably with a glass of milk. Like, it is so good. It looks good. Dubai chocolate. Have you had it? I have, but I'm not that enamored with it. Interesting. I remember, like, it was probably like a year and a half ago and I just started seeing like signs. It's like we have the Dubai chocolate. Oh, they're everywhere now. Yeah. But the other day I went to my, uh, the local deli on my block and they had five just on the counter. They had five different versions, five different companies selling it, five different products that you could buy, which I take is just some sort of, you know, chocolate with some sort of creamy pistachio in the middle.
2:41.0	And if you break it open, it looks good on social media.
	...

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