In a market increasingly driven by geopolitics, capital scarcity, and structural supply constraints, the energy conversation is shifting fast.

In a recent conversation with Windrose Advisors CIO Gildas Quinquis, Adam Rozencwajg, CFA, Managing Partner at Goehring & Rozencwajg (G&R), discussed why today’s commodity markets may be entering a very different phase than many investors expect.

The conversation explored:

• Why G&R rotated from gold into energy

• How underinvestment may be setting up a prolonged commodity cycle

• Why current oil market disruptions could have lasting implications

• The growing importance of energy security and capital cycles

• Why nuclear energy may emerge as a major long-term winner

Adam also discussed how G&R thinks about commodity investing through a contrarian, research-driven lens — and why the firm believes natural resources remain in the early innings of a broader secular bull market.

Please click the image below to watch the full conversation. 

This interview was recorded in May 2026.

Want to learn more from Goehring & Rozencwajg?  We invite you to download or revisit our entire Q4 2025 investor research letter, which is available below.   

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