YouSaid · the spoken record

Jeff Currie

lines on the record: 53
first: 2022-04-14
most recent: 2022-04-14
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Following the financial crisis in 0809. So let's go back to the 1960s. You had the nifty 50. That was your new economy booming along, absorbing much of the capital from the old economy and starving the old economy of the capital that needed to grow the supply base, which set you up for a very tight supply environment when you got the big uptick in demand off the great society in the late 60s and the early 70s. Similar dynamic that happened in the 2000s as well as today. You think about in the 2000s, you had the dot-com boom. And in the 2010s, you had the fang boom. So it was a very similar dynamic. And you saw that basically it was this whole idea of the revenge of the old economy is investors preferred growthy names like Netflix to old economy names like Exxon. That created the capital.”
2022-04-14 · Odd Lots · Jeff Currie on the 'Volatility Trap' Keeping Commodity Prices So High · IDENTIFIED FROM THE TRANSCRIPT · source
“This one is a little bit different than the other cycles, but why don't we start with the other cycles and then talk about how this one is different? The way this one is different is through ESG in banking regulation.”
2022-04-14 · Odd Lots · Jeff Currie on the 'Volatility Trap' Keeping Commodity Prices So High · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a different kind of pain. We like to argue we're entering a volatility trap where higher vol discourages investment, which then reinforces higher vol. And to think about what ends a super cycle. There's only one thing that can end a super cycle, investment. You've got to grow a supply and debottleneck the system so that you can accommodate more demand growth on a forward-going basis. And that's how you ended the 70s, it's how you ended the 2000s, and that's how we're going to end this one. But at this point right now, investment, whether it's investment through capital markets, through banking, in the commodity markets themselves, it's all declining right now in an environment in which it needs capital more than ever. So, you know, so I like to say we're in the early innings still. Maybe it's the second or third inning of the super cycle, but we're just getting going now.”
2022-04-14 · Odd Lots · Jeff Currie on the 'Volatility Trap' Keeping Commodity Prices So High · IDENTIFIED FROM THE TRANSCRIPT · source