In this episode, the team discusses the recent surge incommodity prices and whether the global economy may be entering a new commodity super cycle driven by AI, electrification, and infrastructure spending. They explore tightening supply and rising demand in key metals such as copper and rare earth elements, highlighting the capital intensity, long development timelines, and growing geopolitical risks tied to concentrated global production. The conversation also examines the rally in precious metals, including gold and silver, as central banks reassess reserve strategies amid fiscal concerns and shifting global dynamics. The episode concludes with a perspective on how these forces fit within a disciplined investment approach focused on durable, cash-generating businesses rather than commodity speculation.

Please note that some of the companies discussed in this podcast may be held in an AMI strategy or in personal accounts including TSLA, FCX, BHT, MP and F.