Derren Geiger - CEO of Cornerstone Acquisition &amp; Management returns to the podcast to breakdown the global macro scene and it&#x27;s impact on the oil &amp; gas minerals and nonop space. In particular, Derren opines on the status quo of the Petro Dollar, waning demand for US Treasuries, and the trickle-down effect of the Ukraine and Iran Wars on globally traded commodities. **Disclaimer: This podcast is meant for informational purposes only and does not constitute investment advice. A big thanks to our 3 Minerals &amp; Royalties Podcast Sponsors: --Tokenized Energy: If you are interested in allocating capital to oil &amp; gas minerals, royalties, and nonop assets in order to earn digital mailbox money, then visit www.tokenizedenergy.com or download the Tokenized Energy app for your Apple or Android phone. --Tracts: If you are interested in learning more about Tracts title related services and software, then please call 281-892-2096 or visit https://tracts.co/ to learn more. --Farmers National Company: For more information onFarmer’s land management services, please visit www.fncenergy.com or email energy@farmersnational.com

Analyzing the Petro Dollar, Geopolitical Conflicts, & Treasury Demand w/ Derren Geiger - CEO of Cornerstone

The Minerals and Royalties Podcast

# Full Transcript

**Podcast:** The Minerals and Royalties Podcast

## Transcript

Welcome to the Minerals and Royalties Podcast, the home of CEOs and investors in the Minerals and Royalties space. Hey guys, this is Tim Powell from the Minerals and Royalties Authority. I recently sat down with Darren Geiger, CEO of Cornerstone Acquisition and Management Company, who came back onto the podcast to discuss the macro scene and its impact on the minerals

and non-off space, including the current health of the petrodollar, waning U.S. Treasury demand around the world, the Ukraine-Russian War, the Iran War, the Strait of Hormuz, and their collective impact on global commodities outside of oil and gas. Let's jump into the episode and hear more of what Darren had to say. All right, Darren, welcome back onto the podcast. We always like to talk macro and there isn't a better time to do so. So excited to trade thoughts. You're always very thoughtful and

well informed on what's going on around the world, how it affects commodities and just looking forward to peeling back the onion. So welcome back on. Yeah, thanks for having me on. I appreciate it. I know you've been on several times. I know you've been in the mineral space for multiple decades plus, but those who aren't familiar, just quick two minute refresher just to set the table as an investor, mineral space, commodities, et cetera, et cetera. And then we'll dive into the topics that are relevant

in today's market. Sure. Thanks again, Tim, for having me on. Darren Geiger, CEO of Cornerstone Acquisition. We're based here in Southern California, portfolio manager of the Caritas Funds. We ran those funds. Well, we launched Cornerstone in 2004 with a strict mineral strategy and we launched the funds that same year. Ran the funds through 2021. So a 17-year time horizon. Generated excellent returns through numerous cycles. So through GFC, we had the downturn of 14 through 16, certainly COVID. So a lot

of volatility and I think what led to a lot of our success was just kind of hitting singles and doubles consistently. And with that very aggressive hedging, if you could meet our return parameters for our investors, we certainly did that. A low debt, so we were never too extended. Our structure was pretty unique where we offered offshore and onshore investors a liquidity into our funds. So our funds kind of sat between private equity with multi-year locks and then the publicly traded guys with instant liquidity. So we kind of sat in the middle there. So high net worth family offices were kind of the

endowments as well, were primarily our investor base. Excellent. Then you've been doing a lot in broader commodities in the last few years. So why don't you touch on that? And I think we'll revisit that with different topics throughout the podcast, but why don't you touch on some of that work? Yeah. So now at Cornerstone, we're advising family offices. We're kind of their pseudo energy arm if they don't want to pu...

Analyzing the Petro Dollar, Geopolitical Conflicts, & Treasury Demand w/ Derren Geiger - CEO of Cornerstone

Transcript

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Analyzing the Petro Dollar, Geopolitical Conflicts, & Treasury Demand w/ Derren Geiger - CEO of Cornerstone

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.