Andy Hall

Andy Hall built his reputation at Phibro LLC and later Citigroup's Phibro energy unit. In 2008 he earned a reported $100 million bonus — which became a public controversy during the financial crisis bailout period. He called for crude oil reaching $100/barrel years before it happened, building massive long positions. Hall later ran Astenbeck Capital Management, a commodity-focused hedge fund. His conviction-based approach to energy macro trading made him a legend among commodity traders, though he eventually closed Astenbeck in 2017 amid challenging market conditions. Hall's willingness to hold multi-year energy macro positions through extended periods of price moves against his thesis — accepting mark-to-market losses while maintaining conviction in his fundamental supply-demand analysis — exemplified the patient, high-conviction approach to commodity investing that is extremely rare among institutional traders who typically face performance pressure on much shorter time horizons.