Strong Source

Harold de Boer, mathematician and founding member of Transtrend, grew up on a dairy farm and helped build a leading systematic trend-following firm. He discusses why commodities defy being lumped into one asset class, the logic of trading synthetics and spreads, the value of nonconformist scientists, and how broad diversification captures liquidity premia in crises.

In this episode, we speak with Moritz Seibert and Moritz Heiden, founder of Takahe Capital, about quantitative trading, systematic investment strategies, and how data-driven approaches are used to navigate commodity markets. They share insights on model development, risk management, and the evolving role of quantitative investing in today's markets.

Jan Kees van der Wild, board member at VA Inter Trading and veteran of ADM, Bunge and Volcafe with 42 years in commodity trading. He recalls starting without a degree and rising through mentorship, turning around failing plants and businesses, leading operations across continents, and prioritizing EQ in hiring. The conversation covers rogue trading risks, merchandising realities, and why agriculture deserves more public attention.

Anthony Britton, a commodity risk specialist with roles at Tesco, Unilever and Migros. He recounts managing vegetable oils during the Ukraine crisis and taking on cocoa at peak prices. The conversation covers why private label is fertile ground for commodity risk, how retailers are building trading teams, and what skills and structures help navigate volatile markets.

In this episode of Strong Source, we’re joined by Nicholas Bond, Buying Director at ALDI South Group, for our first conversation with a retailer guest. Nicholas takes us inside the world of retail buying, from how ALDI manages own-label pricing and supplier relationships, to the practical role of market data and benchmarks in everyday decisions. We explore how external forces like COVID and inflation have reshaped supplier dynamics, how consumer trends such as the surge in high-protein products influence the shelf, and how retailers think about risk when delivering consistent value to the end consumer.

Alfonso Peccatiello, Founder and CIO of Palinuro Capital, masterfully explains the intricacies of the global dollar system. He delves into how commodities priced in USD compel countries to invest in U.S. Treasuries and discusses the creation of money through government deficits and private leverage. Alfonso highlights why the dollar remains dominant despite frequent predictions of its decline and examines how inflation impacts younger generations. His insights into the complexities of macroeconomics are both clear and compelling.

Gert-Jan van den Akker, a former EVP at Cargill with over 30 years in commodities, shares insights from his transformative career. He recounts his early days in trading without the internet and how he shifted from law to freight trading. Gert-Jan discusses the evolution of global freight strategies, managing crises during the financial downturn, and fostering a culture of accountability. He emphasizes the importance of deep market analysis and how a focus on China and South America reshaped asset portfolios in the industry.

Join Alex Sanfeliu, President of the World Trading Group at Cargill, as he shares insights from over 30 years in agricultural trading. He reveals the traits that define great traders, emphasizing the power of humility over ego. The conversation dives into a high-stakes moment involving 31 Panamax vessels and explores how AI is changing trading strategies. Alex also discusses the evolving role of leadership amidst market crises and the need for adaptive resilience in future traders. It's a masterclass in navigating the complexities of global commodities.

Denis Zaica, Chief Trading Officer at FincoEnergies, shares his inspiring journey from cocoa trading to shaping biofuel strategies. He discusses the complexities of navigating the biofuels market amidst geopolitical tensions and rising fossil fuel prices. Denis emphasizes the importance of adaptability in commodity trading, and how ongoing education is vital for success. He highlights the need for trading to balance instinct with data-driven insights while reflecting on personal growth and networking in this challenging industry.

Martijn Noordhoek, Head of Marketing and Global Supply Chain at Viterra and a veteran of the global sugar trade, shares his journey from a commercial traineeship to mastering sugar trading. He discusses the steep learning curve for newcomers and the complexities of raw vs. white sugar. Martijn reveals how factors like geopolitics and logistics affect trade flows, alongside the health trend of Ozempic impacting sugar demand. He also contrasts the cultural dynamics of different trading firms, emphasizing the importance of company culture and adaptability in this competitive landscape.