Top Traders Unplugged

GM32: Commodity Super Cycle in Full Force ft. Jeff Currie

Jan 18, 2023
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INSIGHT

Low-Income Groups Drive Inflation

  • Commodity inflation is driven by low-income groups controlling volume, not high-income groups controlling dollars.
  • Only low-income groups can create physical goods inflation as high-income groups lack scale and storage to do so.
INSIGHT

Commodity Markets Remain Unloved

  • The commodity space remains unloved with significant outflows and underinvestment despite rising prices.
  • Investors require multiple years of strong returns to regain confidence after past value destruction.
INSIGHT

OPEC's Market Power Peaks

  • OPEC's market power is at its highest since 1960 due to constrained supply growth elsewhere.
  • Only Middle East fast cycle production can drive growth with US capital constraints and Russian disruptions.
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