The Business Brew Will Thomson - Real Returns: Real Assets Are Even Hotter Right Now
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Jan 29, 2026 Will Thomson, an investor focused on commodities and real assets, returns with sharp takes on oil, copper and the capital hurdles facing heavy industry. He digs into permitting, financing and why modern mines are technically brutal. Expect bold comparisons between oil and gold, deep dives on copper demand, and candid thoughts on management and how ownership teaches research.
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Central Bank Policy Created Long-Term Distortions
- Central banks' low-rate policies since 2008 encouraged misallocation and made real-asset construction expensive.
- Fixing those distortions now will create new problems rather than fully solve them.
Renewables Aren't A Universal Fix
- Rapid renewable policy ramps from 2020–2024 revealed limits of solar and wind as universal solutions.
- Countries are shifting toward a more balanced energy mix recognizing nuclear and hydrocarbons' roles.
Oil Needs Higher Prices To Drive Big Projects
- Current $60–$65 oil doesn't reliably incentivize new large-scale production.
- Major projects take a decade and require much higher sustained prices to spur exploration and development.
