• Kevin Baum of United States Commodity Funds - Commodities & Inflation and What That Means for the Global Economy

  • Jul 3 2024
  • Duración: 48 m
  • Podcast

Kevin Baum of United States Commodity Funds - Commodities & Inflation and What That Means for the Global Economy

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  • This week on Weighing the Risks we are joined by Kevin Baum, Chief Investment Officer at United States Commodity Funds (USCF). Kevin Baum, Chief Investment Officer, brings over 20 years of experience as a Senior Commodities Portfolio Manager. Kevin is responsible for expanding USCF's product line andoverseeing the company's investment policies and portfolio management team. Prior to joining USCF, he was Senior Portfolio Manager of Alternatives and Commodities for Invesco PowerShares. Kevin was part of the OppenheimerFunds team responsible for launching the first commodities mutual fund and subsequently incorporated the first off-shore Cayman subsidiary for a commodities fund. Kevin also served as Senior Portfolio Manager, Head of Commodities and earned the Barron's/Value Line "Top 100 Managers" designation three times. Kevin is a CFA charterholder and CAIA charterholder. He earned a Bachelor of Business Administration degree in Finance, from Texas Tech University.Key Takeaways[03:03] - Kevin’s professional background and more about his current role at USCF.[05:03] - How does Kevin define risk and how does he think investors and advisors should think about it?[06:49] - The copper gold ratio has declined over the last couple of months. Does Kevin think this is just a flash in the pan or a big warning sign that we should be looking for more recessionary trouble to come?[09:38] - Does Kevin think we are in the start of a super cycle for commodities or is their recent two year rally just them playing catch up?[13:36] - What are some of the constraints for bringing a new copper or rare earth metals mine online and why does it take as long as it does?[16:13] - Kevin compares the relative benefits of investing in commodities via a Passive ETF vs. an Actively Managed ETF.[20:31] - Rules of thumb and practical considerations for advisors looking to incorporate real assets, or commodities, into their portfolios.[23:22] - Best commodities for certain seasonal and tactical situations like inflation hedging and black swans.[30:42] - A base case economic outlook for commodities, and the broader market, and how probable Kevin thinks this might be.[33:45] - A bad economic outlook for commodities and how probable this might be.[36:32] - A good case for commodities and how probable this might be.[42:05] - What are some other risks that investors should be considering right now? Quotes[09:57] ~ “I do think it’s important for advisors and investors to realize that commodities are kind of long cycle, long wave assets. If you look historically we see these decades where commodity prices do very well…Yes, ultimately the cure for low price is low price and the cure for high price is high price and, eventually, higher prices will bring capital into the space, but it takes a long time to develop new energy products [and] to bring new mines online. ” ~ Kevin Baum[19:03] ~ “We’re not using the gray matter of a Portfolio Manager to swing the portfolio, you know, we’re following the monthly algorithm of our benchmark index…[however] we think that’s intelligent indexing, which is akin to Active Management…We do think that the commodity space is one that really lends itself to that type of approach. So, I would strongly encourage advisors to look underneath the hood and think long and hard about the different implementation choices in this asset class. ” ~ Kevin BaumLinksKevin Baum on LinkedInUSCF Investments“Lose Yourself” by EminemConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Access to the services presented is provided solely as a service to financial advisors. Orion Risk Intelligence does not make recommendations or determine the suitability of any security or strategy. Past performance of a security or strategy does not guarantee future results. Orion Risk Intelligence research and tools are provided for informational purposes only. While the information is deemed reliable, Orion Risk Intelligence does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use.Compliance Code: 1632-OAT-6/28/2024
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