From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes Paul Baiocchi, Head of Fund Strategy at SS&C ALPS Advisors, to discuss why commodities have returned to focus amid strong gold and silver performance in 2025 and the Iran conflict’s impact on markets. They explore what recent geopolitical and even weather-driven disruptions reveal about fragile global supply/demand, how energy and other constrained inputs (fertilizer, aluminum, helium, copper) can provide diversification—including periods of negative correlation to the S&P 500—and why many portfolios lack exposure given low energy/materials weights. Paul argues secular forces like AI-driven data center buildouts, electrification, and rising electricity demand create long-term support for commodities and related equities, and outlines implementation approaches spanning commodity baskets, dynamic strategies, and thematic allocations across energy, materials, utilities, renewables, and nuclear.
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00:00 Welcome to the Podcast
01:06 Meet Paul Baiocchi
02:20 Alps Advisors and ETFs
05:33 Iran Conflict Lessons
09:59 Why Commodities Get Ignored
16:52 AI Electrification Demand
22:02 Commodities Supercycle Case
24:26 Portfolio Allocation Framework
28:38 Smarter Commodity Exposure
33:29 Implementation and Products
35:56 Wrap Up and Resources
