Superinvestors and the Art of Worldly Wisdom #60: Leigh Goehring On The Coming Revolution In Asset Markets
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Jun 25, 2025 Leigh Goehring, a seasoned analyst and money manager with over 30 years in commodities, predicts an imminent boom in natural resources. He highlights the surprising 240% return of energy stocks amid investor apathy. Delving into the impact of carry trade on commodities, he points out historical risk mispricing and market opportunities. Goehring critiques current oil projections, discusses Toyota’s hybrid strategy affecting platinum prices, and examines the Gleisberg cycle’s effects on agriculture, making a compelling case for future investment in these sectors.
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Commodities Bull Without Participation
- Commodities have started a bull market but suffer from near-zero investor participation.
- Energy ETFs show huge share reductions despite strong price gains, indicating a short-covering rally.
Carry Trade Distorts Market Valuations
- The carry trade suppresses short-duration assets like natural resource stocks by using them as funding mechanisms.
- Long-duration assets like growth stocks benefit, causing a distorted capital flow and opportunities in disfavored sectors.
Monetary Regime Changes Boost Commodities
- Major commodity bull markets historically follow huge monetary regime changes and devaluations.
- A large U.S. dollar devaluation is expected now, which will boost commodity prices significantly.
