Pascal Wagner interviews Bob Fraser, CFO and chief macro strategist at Aspen Funds, to break down how oil and gas can (or can’t) fit inside a diversified portfolio. Bob explains the three parts of the industry (upstream, midstream, downstream), why most LP horror stories come from drilling risk, and why he prefers buying already-producing, non-operated working interests to reduce geology/engineering/operator risk. He also walks through what tax benefits investors often misunderstand (IDCs vs. depletion allowance), the importance of low leverage + hedging in a volatile commodity business, and the key red flags he’d watch for when underwriting deals (vertical wells, unrealistic pricing assumptions, and weak operator quality).

Bob Fraser
Current role: CFO and Chief Macro Strategist, Aspen Funds
Based in: Overland Park, Kansas
Say hi to them at:

Website: https://investlikeabillionaire.org

Company: https://aspenfunds.us

LinkedIn: https://www.linkedin.com/in/bobfraser10/

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