Lewis Hart

So I think everyone talks about power, you know, and power is really important and there needs to be lots of power capacity in order to build the AI revolution.

Copper is as important and you see copper prices at record highs, largely because of how much copper data centers are consuming because of all the electrical capacity that needs to be in that infrastructure.

In general, our philosophy is we don't know where the price is going.

So we try to be price agnostic, but you can't help but notice trends, see things early.

And one example would be in 2020 when COVID hit, you just saw freight prices skyrocketing.

I think well before the market, you saw...

things like steel going up quickly and those prices being passed down the supply chain.

You definitely can see things that feed into the PPI, ultimately the CPI.

When you live upstream the way we do in these metal energy ag supply chains, you often see things first and before they actually get transmitted into the economic data.

Now, it's just one side of it, so it may not be conclusive, but it certainly provides us with lots of interesting information.

Yeah, and there are.

Because it's like everyone wakes to this volatility.

Yeah.

There's not super liquid, but there are tanker contracts you can buy.

Yeah, I just noticed this.

Cape says, but it looks like there's almost no liquid.

Yeah, there's not.

The bid ask is pretty wide, but people do try to make markets.

So dry bulk freight, you can go long or short.

Trucking, I think, is a good candidate for it.