Podcasts · In the Money with Amber Kanwar

The Mother of All Commodity Supercycles

14 May 2026 · 1 h 10 min · Episode 136

Episode The Mother of All Commodity Supercycles

0:00 1:09:43

“If tech was the best performer for 25 years because it took in all the cash… what do you think happens when all the cash flows into commodities and infrastructure?”

That’s the big question driving today’s conversation—and according to Daniel Dreyfus, the answer could define the next decade of investing. In this episode of In the Money with Amber Kanwar, Daniel Dreyfus, Chief Investment Officer at Bornite Capital, lays out his high-conviction thesis that we are in the early stages of the largest capital spending cycle in modern history. From AI-driven data centre demand to aging power grids, critical minerals, and global supply chain reshoring, he explains why trillions of dollars are now being redirected into real assets—and why that shift could fundamentally reshape market leadership.

Dreyfus walks through how he identifies “pinch points” across supply chains, why he believes commodities like copper, oil, and gold still have room to run, and how investors should think about energy, infrastructure, and inflation in a world of rising geopolitical risk and currency debasement. He also breaks down why he sees Canada as one of the most compelling places to invest in energy today, and what needs to happen for that opportunity to be fully realized.

In Mailbag, Dreyfus weighs in on key viewer questions across energy, natural gas, gold, copper, fertilizers, waste management, and more—including his views on names like PrairieSky (PSK.TO), Cenovus (CVE.TO), Tourmaline (TOU.TO), Paramount (POU.TO), Barrick (ABX.TO), Hudbay (HBM.TO), Mosaic (MOS), GFL (GFL.TO), and Pan American Silver (PAAS.TO).

In Pro Picks, he revisits past ideas like Cheniere (LNG), Ivanhoe (IVN.TO), and Talen (TLN), and shares new high-conviction names including Skeena Resources (SKE.TO) and Carpenter Technology (CRS)—explaining where he sees asymmetric upside tied to this massive capex cycle. If the last 25 years were defined by capital-light tech dominance, this episode makes the case that the next 25 could look very different.

Timestamps

00:00 Trailer

02:15 Intro 05:05 Still in an early commodity supercycle 12:45 Cash is flowing into commodities & infrastructure

15:15 What benefits the most from this thesis?

18:15 Dan’s view on Iran war & oil 22:15 Canada has to play a critical role to repair supply chains - Hopeful that Canada can deliver 26:45 Canada is the most exciting place in the world to invest in energy

29:45 Hamilton ETFs MIX 31:50 ITM Mailbag: Cenovus Energy stock (CVE) 32:45 Natural gas plays

35:15 Barrick Mining (ABX) 39:45 Hudbay Minerals & copper (HBM)

46:10 Mosaic (MOS) 49:05 GFL Environmental (GFL) 51:05 Silver stocks

53:45 Mirion Tech (MIR) 54:55 Dan’s Past & Pro Picks (LNG, IVN, TLN, SKE, CRS)