Raoul Pal sits down with legendary oil trader and hedge fund manager Pierre Andurand, CIO of Andurand Capital, for the next installment of “Investor Masterclass.” In this episode, Raoul and Pierre explore how Pierre’s investing career captured the biggest oil moves in the last 20 years and how the combination of timing, luck, skill, tenacity to learn, and an ability to adapt new information contributed to that success. Andurand breaks down his investment framework, rules for position sizing and risk management, how he adapts his strategy in an ever-changing world, and how he is positioning his fund for a future that looks quite different than the past. He also reveals his biggest investment theme for the next 10 years—the clean energy transition and EU ETS carbon emissions credits.