The shortages that markets are still not pricing

Clue: It not a demand problem, but a supply one

I don’t usually read commodity research. Most of it is price-led, cyclical and overly confident in how quickly supply can respond.

However, a recent piece from The Contrarian Capitalist stopped me for a different reason. It doesn’t focus on prices at all. It focuses on timelines, capital intensity and physical constraints. Once you look at those, a numbe…