Dispatch from the Road: Changes in Saudi Arabia


We are currently in Riyadh, Saudi Arabia attending the inaugural Future Minerals Forum. This is our first dedicated research trip since COVID-19 and it has not disappointed. While most investors..

The Potential Earnings Power of Copper Miners


First appeared in Q2 2021 letter

Copper made a new all-time high during the quarter. After bottoming in January 2016 at $1.94 per pound, copper rallied 150% to reach $4.77 on May 11th 2021. Although..

[Podcast with Financial Sense] Copper Has Years Left to Run


Managing partner Adam Rozencwajg was recently featured on Financial Sense Wealth Management’s popular podcast to discuss the supply and demand backdrop for copper, and why we’ll likely see higher..

What a Difference a Year Makes (in Oil)


Exactly one year after West Texas Intermediate crude reached its historic -$37 per barrel low, the damage inflicted on global oil markets from the COVID-19 economic lockdowns has been largely..

Copper Depletion: Decades in the Making


Prior to 2005, few investors paid any attention to issues related to copper depletion. The reason was simple: the average reserve grade and head grade (that is, the quality of the ore being mined) of..

Investors Bearish Yet Energy Demand Has Never Been Stronger


“We have seen an extraordinary increase in global energy demand in 2018, growing at its fastest pace this decade.” Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA)



Exposure to Commodities: What’s the Right Amount?


Advisors often expect “traditional” allocations, such as large cap equities or U.S. fixed income, to provide a fair amount of exposure to commodities. For example, a small cap equity manager may have..

When is the Right Time to Allocate to Natural Resources?


While many investors we speak with have dedicated allocations to natural resources, others believe the cyclicality of the asset class warrants a market timing approach. One opinion we’ve heard from..

The Relationship Between Yellow Vests and Electric Vehicles pt. 2/2


In the second edition of our “Yellow vests and electrical vehicles” theme (you can read the first edition here), we dive back into how the inferior energetics of electric vehicles (EVs) are leading..

The Relationship Between Yellow Vests and Electric Vehicles pt. 1/2


“There has never been an instance in the history of civilization where a new technology with inferior “energetics” has replaced an older technology with superior “energetics.”


While in southern..

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