Dr. Jevons or: How I Learned to Stop Worrying and Love Demand
table of contents

Dr. Jevons or: How I Learned to Stop Worrying and Love Demand
Natural Resource Market Commentary – 3Q2023
The Green Mirage: Unmasking the Harsh Realities of Renewable Energy Investments
Uranium: New Market Star
The Great Convergence: North American Natural Gas and the Looming Shift in
Global Energy Economics
Rising Rates and Robust Gold Demand?
Oil: From Uninvestible to Must Own
Copper Technological Trends Loom
Seeds of Crisis: The Tumultuous Journey of Global Crops

November 29, 2023

Leigh R. Goehring & Adam A. Rozencwajg

We just got back from traveling in Asia and all everyone wanted to talk about was demand.

While investors agree with our supply arguments, they are all concerned about weak demand. In the short-term, they worry about a recession. Longer-term they worry about efficiency leading to “peak demand.” These concerns reflect a fundamental misunderstanding of demand. When things get more efficient, we demand more, not less.

In this letter, we discuss demand in depth and how investors can profit by the lessons of a 19th century economist, Dr. Jevons.

How can investors protect themselves going forward?

While everyone is concerned about demand, focus instead on supply and use near-term weakness to your advantage.

Our newest commentary, Dr. Jevons or: How I Learned to Stop Worrying and Love Demand, looks at how demand will be a persistent tailwind throughout the decade.

Download our Q3 2023 commentary for insight into:

- Why renewable stocks are down 40% so far this year.
- How finally the market is catching up to our views on uranium
- Groundbreaking new technologies that could revolutionize the copper industry.

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