Talk Your Book: The Bull Market in Real Assets

Author

Michael Batnick
March 02, 2026

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Today's Talk Your Book is sponsored by VanEck:

Click here to learn more about VanEck and the VanEck Real Assets ETF (RAAX)

On today’s show, we discuss:

  • Why the post-COVID world has created a structural shift in favor of real assets

  • RAAX as a one-stop shop covering commodities, gold, infrastructure, energy, and other real asset segments

  • The three-step portfolio construction process combining macro, fundamental, and quantitative inputs

  • The role gold plays as a neutral reserve asset and why central bank de-dollarization has been a key driver of the bull market

  • Why AI infrastructure buildout and reshoring point to a decade-plus capex cycle that benefits real assets

  • Why VanEck ultimately decided to exclude crypto from RAAX despite the theoretical case for Bitcoin as a digital store of value

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

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