In short: "I'd be looking at agriculture as well." Ukrainian strikes on Russian supply and Black Sea grain shipping, disappointing US yields last week, fertilizer problems and a super El Niño — cocoa just printed its fifth-largest move on record and corn moved hard.
"I'd be looking at agriculture as well." Farm commodities — grains, fertilizer, soft commodities like cocoa and corn — are the part of the shortage story nobody is watching, and that's exactly why he likes them.
The supply damage is real and stacking up: Ukrainian strikes on Russia (a huge grain and fertilizer supplier), disrupted Black Sea shipping, disappointing US crop yields reported the week before, fertilizer shortages, and a super El Niño distorting weather. Cocoa just posted one of the largest single-day moves ever recorded and corn moved hard. His point is that people obsess over the oil price while the same shortage dynamic is quietly repricing the food system.
54:08So I think the precious space is something I'd really be focused on, and agriculture. It's just what the Ukrainians are doing to the Russians, and Russians are big suppliers. The yields in the US were quite disappointing last week. You have fertilizer problems, super El Niño.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.