Magazine Covers Revisited


We rarely republish old essays but given its importance we felt the need to do so in this case. In April 2019, BusinessWeek published a cover story asking “Is Inflation Dead” with a picture of a dead..

Natural Resources: Inflation, Capital Cycles and ESG Distortions


Inflation is now running at 40-year highs. Natural resource stocks were top performers in 2021 and their leadership has continued into 2022.Could the 40-year bull market in bonds be coming to an end?

Is Inflation Necessary for a Natural Resource Bull Market?


The US CPI grew at 7.1% in the fourth quarter of 2021 signaling the highest inflation in 40 years. Nearly three years ago, Bloomberg Businessweek proclaimed the “Death of Inflation” on its cover –..

Top Three Blog Posts of 2021


Over the past 18 months energy prices went from an all time record low (negative oil prices) to an all time record high ($40 per mmbtu European natural gas). The energy crisis we had predicted is now..

[Video] Rising Gas Prices vs Battery Costs


With gas headed toward $2/Litre, can an electric future really balance the scales? On December 8, 2021, Adam Rozencwajg was one of the featured experts at the Driving into the Future virtual auto..

Rising Gas Prices vs Battery Costs - Virtual Discussion with Adam Rozencwajg


We are excited to be one of the featured experts at the Driving into the Future virtual auto event brought to you by TOYOTA.

Leigh Goehring on the Many Factors Sending Oil Prices Higher


Managing Partners Leigh Goehring and Adam Rozencwajg recently hosted a video conference call along with Stacy Havener, CEO and Founder of Havener Capital Partners. During the event, they discussed..

[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..

Exploring Lithium-ion Electric Vehicles’ Carbon Footprint


“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 life”..

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..

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