The IEA’s Role in the Coming Oil Crisis


First appeared in Q2 2021 letter


The foundation for the upcoming oil crisis is now firmly set in place. Despite recent hiccups related to the delta variant, the world is re-opening and global oil..

Nuclear Energy: The Early Success of Small Modular Reactors


First appeared in Q2 2021 letter


Uranium stocks sold off in mid-June as news outlets reported a possible leak at the Taishan Chinese reactor, a joint venture with Électricité de France (EDF). The..

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..

What to Expect From Gold and Silver Going Forward


First appeared in Q2 2021 letter

While we believe a huge precious metals bull market lies in front of us, we must also be aware that challenges remain over the medium term. Since the beginning of..

The Truth About Renewables – Featuring Leigh Goehring and Adam Rozencwajg


Many of the most popular solutions being proposed to solve our planet’s CO2 problem will be difficult, if not impossible, to accomplish. In this video, managing partners Leigh Goehring and Adam..

North American Gas Markets Now in Deficit


Tightness in the US natural gas market is beginning to manifest itself in low inventory levels. After having started the year at a 200 bcf surplus to the five-year seasonal average, US inventories..

Update on US Shale Oil Production and Rig Count


First appeared in 2Q letter August 5, 2021

2021 shale production has held up better than we expected. At the end of last year, we predicted shale production would experience sustained sequential..

Looking Ahead to a Tight Oil Market


“Over the longer-term, ESG-led activist investors have all but ensured non-OPEC production will fall dramatically, leaving OPEC with increased market share and pricing power.”


Over the past 18..

Is Inflation Here to Stay?


“With Earnings Soaring, Banks See Boom Ahead” The New York Times, 4/14/2021.


A vigorous debate has emerged surrounding inflation as money supply growth dramatically accelerates, deficit spending..

China’s Impact on the Global Corn Market


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 corn..

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