Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
Today’s episode is a wide-ranging conversation with Paulo Macro.
Paulo’s been sharing some fantastic and thought-out views on many commodities, as well as his all-encompassing that we’re in a new supercycle.
He details and expands upon these ideas, while we quiz him on copper, uranium and energy, where he shines a light on the key features to watch out for as markets grind or burst higher.
Stocks covered: SFR, FCX.NY, HBM.TO, IVN.TO, FM.TO, CSC, TGB.NY, ALDE.C, CCJ.NY, URA.NY, UEC.NY, NXG, U.U, YCA.L, VAL.NY, SDRL.NY
Follow Paulo's substack here: https://substack.com/@paulomacro
This was recorded on 13.11.2025.
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TIMESTAMPS
(00:00) — Episode introduction & global economy unsynchronization
(00:40) — Supercycle and China bull market discussion
(02:30) — China's demand and commodity cycles
(04:10) — Rise of commodities as an asset class
(06:10) — Supply constraints and commodity price appreciation
(09:10) — Commodity price spikes: gas, nickel, oil, uranium, copper
(12:20) — Active vs. passive investing in commodities
(14:30) — Copper supply story and price ranges
(19:30) — Asia vs. West economic cycles & metals demand
(21:30) — Mining M&A and cycle phases
(30:40) — Copper mine disasters and market impact
(40:00) — Uranium market and NextGen discussion
(50:30) — Uranium market strategies, Cameco, and NextGen
(1:00:00) — US uranium policy, strategic reserve, and market speculation
(1:06:00) — Oil market: 2026 outlook, OPEC, and global supply
(1:16:00) — Oil equities, hedging, and US production
(1:22:00) — Episode wrap-up & final thoughts
(1:23:50) — Sponsors, credits, and closing remarks
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