Alternative Investments & Investable Mega-Trends w/ Ben Fraser, Aspen Funds - EP231

Economics Explored

Ben Fraser, Managing Director of Aspen Funds, argues, “There's a huge opportunity to get into fossil fuel production.” He discusses macro-driven alternative investments, investable megatrends, including the disruption to energy markets as advanced economies decarbonise, and the outlook for the US economy, particularly inflation.

Disclaimer: this episode presents general information only and is not financial or investment advice.

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About this episode’s guest: Ben Fraser

Ben Fraser is the Chief Investment Officer at Aspen Funds, where he combines his analytical nature with a passion for delivering outstanding client service and strong returns through out-of-the-box investments. With a professional background that spans over a decade, Ben has become an expert in the field of investment management and has worked for several reputable financial institutions.

Ben is the co-host of the Invest Like a Billionaire podcast, where he joins his father, Robert, co-founder and CFO of Aspen Funds, along with co-founder Jim Maffuccio, to discuss economic trends and best practices for alternative investing.

Prior to joining Aspen, Ben served as a Commercial Lender at First Business Bank, one of the top SBA lenders in the nation. There, he specialized in government-backed loan originations, specifically SBA and USDA loans. Before that, he worked as a Commercial Credit Underwriter for Crossfirst Bank, where he personally underwrote over $125MM in C&I and CRE loans across various industries.

Ben also has experience working in the asset management industry, having served as a key member of the team at Tortoise Capital Advisors. At Tortoise, he helped grow institutional managed accounts from ~$3BN AUM to ~$7BN AUM.

Ben holds an MBA from Azusa Pacific University and a Bachelor of Science in Finance from the University of Kansas, where he graduated magna cum laude. Ben’s commitment to excellence and his ability to deliver strong returns for clients make him an invaluable asset to the Aspen Funds team.

What’s covered in EP231

• 00:00:04 - Global Energy from Fossil Fuels (excerpt from interview)
• 00:00:33 - Introduction to Economics Explored Podcast
• 00:01:06 - Guest Introduction: Ben Fraser of Aspen Funds
• 00:02:08 - Aspen Funds' Investment Focus
• 00:05:17 - Accredited Investors and Investment Opportunities
• 00:06:04 - Expanding Accredited Investor Definitions
• 00:08:47 - Alternative Investments and Client Strategy
• 00:11:29 - Investable Megatrends for the Next Decade
• 00:13:03 - Inflation and Energy Market Outlook
• 00:15:37 - Private Credit in Real Estate
• 00:20:37 - Commercial Real Estate Market Dynamics
• 00:23:42 - Energy Investments and Fossil Fuel Outlook
• 00:29:10 - OPEC's Influence on Oil Prices
• 00:31:28 - Gold, Bitcoin, and Investment Hedges
• 00:35:09 - US Fiscal Policy and Debt Concerns
• 00:38:40 - Closing Remarks

Takeaways

1. Macro-Driven Alternative Investments: Aspen Funds focuses on macro-driven alternative investments, which involve understanding long-term economic trends to identify investment opportunities.
2. Investable Megatrends: Aspen Funds has identified investable megatrends for the next decade, including higher inflation for longer and an energy crisis due to a transition to green energy.
3. Opportunities in Real Estate: Aspen Funds sees opportunities in private credit within the real estate market, particularly in the midsection of the capital stack, where risk can be reduced while achieving good returns.
4. Energy Market Insights: Ben Fraser discusses the impact of transitioning to green energy on fossil fuel production, highlighting potential supply shortages and investment opportunities in fossil fuel production.
5. Views on Gold and Bitcoin: Ben Fraser comments on gold and Bitcoin as alternative investments, acknowledging their role as hedges against fiat currency but cautioning against heavy allocations due to the risks involved.

Links relevant to the conversation

Aspen Funds

Invest Like a Billionaire Podcast

Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.