China’s Impact on the Global Corn Market

07/23/2021

In our Q4 2020 letter, we discussed how China had emerged seemingly overnight as one of the world’s largest corn importers. While China had become a large importer of soybeans 20 years ago, its..

The US is in Drought and Agricultural Markets in Deficit

07/08/2021

Given low ending stocks, both corn and soy are extremely susceptible to any disappointments in plantings, harvest, or weather. As the 2021–2022 season gets underway, problems have already..

Oil Inventories Headed Lower Through Remainder of 2021

06/30/2021

Non-OPEC+ production outside of the US is facing challenges similar to the situation with the US shales. In their most recent report, the IEA reports that non-OPEC+ production outside of the US..

What a Difference a Year Makes (in Oil)

06/15/2021

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..

Exploring Lithium-ion Electric Vehicles’ Carbon Footprint

06/03/2021

“Jefferies published a research note entitled “Are EVs as ‘Green’ as They Appear?” in which they conclude an electric vehicle must be driven 200,000 km (or 124,000 miles) before its “whole of..

Copper Depletion: Decades in the Making

05/19/2021

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)..

The Anti-Bubble: Traditional Energy

04/21/2021

Investor euphoria has exploded across all types of asset classes and is bordering on mania for a select few. Market participants talk of bubbles everywhere.Well, here is the anti-bubble. As value..

Nuclear Energy and Other CO2-Friendly Alternatives

03/31/2021

“According to our models, an aggressive push toward nuclear and gas would allow total global energy demand to grow by 35% over the next two decades while still cutting carbon emissions by nearly..

[Podcast with Jesse Felder] The Speculative Mania in Green Energy Stocks

03/24/2021

Recently, Jesse Felder, former hedge fund manager and host of the popular podcast Superinvestors and the Art of Worldly Wisdom, interviewed our very own Adam Rozencwajg to discuss the bubbles in..

How Energy Intensive Will the “Green Transition” Be?

03/18/2021

“Given the huge upfront energy needs of wind, solar and batteries, any performance disappointment could mean the difference between moderate carbon savings and net increases in carbon.”

Few..

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