
The HC Commodities Podcast The Great Repricing with Jeff Currie
Jan 28, 2026
Jeff Currie, commodities and macro markets expert now working in private markets at Carlisle, offers a sharp take on metals' surge versus weak hydrocarbons. He discusses whether apparent gluts are political illusions, the risk of a big macro repricing, tech firms becoming asset-heavy, and how policy and geopolitics have reshaped supply and markets.
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Three Turbocharged Drivers Persist
- The 2020 supercycle thesis rested on deglobalization, decarbonization and redistribution.
- Those drivers remain turbocharged and continue to push commodity demand higher long-term.
Policy Easing Created Temporary Oversupply
- Policy choices in 2022 actively increased supply of energy, food and labor to lower prices.
- Reversing those relaxed rules creates a delayed supply shortfall and geopolitical risk ahead.
Tech Is Becoming Asset Heavy
- Hyperscalers and tech firms are shifting into asset-heavy capital spending, buying power and infrastructure.
- That reallocates vast free cash flow into real assets and may re-rate these companies toward commodity producers.







