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The Rate Of ChangeAuthor: Murdoch Gatti
The Rate of Change is a podcast designed to help you in the pursuit of building long term wealth, through the insights of some of the brightest minds in asset management.Your host Murdoch Gatti is an advisor at York Wealth Management. We work with High Net Worth individuals, institutions & family offices to help grow & protect their wealth.If you like what you hear and wish to learn more about the York Wealth community, please visit us at www.yorkwealth.com.auDisclaimer: The Rate of Change podcast is presented by its speakers. The views and opinions expressed in this podcast are those of the speakers in their personal capacity and do not represent the views of York Wealth Management Pty Ltd, its shareholders, directors, or any other third party.Any discussion of financial products, investments, credit, or property opportunities in this podcast is provided strictly for general information and discussion purposes only. Nothing in this podcast constitutes general advice, personal advice, financial product advice, credit advice, or a recommendation. Before making any financial or investment decisions, you should seek advice from a licensed professional who will consider your objectives, financial situation, and needs.Australian listeners can obtain further information about choosing a financial adviser by visiting www.moneysmart.gov.au.For clarity, The Rate of Change podcast is a business owned and operated by Murdoch Venture Capital Pty Ltd. Any client, relationship, or referral that arises through The Rate of Change in connection with services outside the scope of financial services requiring an Australian Financial Services Licence including, without limitation, private credit, property development, or other non-AFSL activities shall remain the sole property of The Rate of Change. Where listeners wish to obtain advice in relation to their investments or other matters that fall within the scope of financial services requiring an AFSL, The Rate of Change may re Language: en Genres: Business, Entrepreneurship, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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#51 Todd Warren | When the World Demands Energy: The Real Cost Is Supply — And It Runs Through the Strait of Hormuz
Episode 51
Tuesday, 7 April, 2026
In this episode of The Rate of Change, Murdoch Gatti sits down with Todd Warren, Portfolio Manager & Head of Research at Tribeca Investment Partners, to unpack a critical shift taking place across global commodity markets — and why the real story isn’t demand, but supply.If you are interested in uranium, oil, natural gas, LNG, copper, sulphur, lithium, rare earths, iron ore, coal, hydrogen, carbon markets, nuclear energy, titanium, advanced materials and broader strategic minerals, then you will enjoy this conversation.Over the past decade, commodities have been under-owned, underinvested and largely ignored as capital flowed into growth assets. ESG constraints and weak pricing suppressed new supply across energy and mining.That dynamic is now reversing.As Todd explains, we are entering a structurally different macro regime — one defined by constrained supply, geopolitical fragmentation and persistent inflation. Unlike prior cycles, this is not simply about stronger demand. The system itself is tight.A key insight from the conversation is the fragility of global supply chains.Critical inputs — including sulphur, essential for copper processing — are heavily reliant on global chokepoints such as the Strait of Hormuz. Disruptions here don’t just impact oil, but cascade through copper, fertilisers and broader industrial supply chains. In copper specifically, it is not just the availability of ore that matters, but the availability of inputs required to process it — creating an additional layer of supply constraint that is often overlooked.This is where the real risk — and opportunity — lies.Across oil, LNG, copper, uranium and key transition metals, years of under investment mean supply cannot respond quickly enough, while demand is reinforced by electrification, energy security and the re-emergence of nuclear power.Where commodities were once treated as tactical exposures, they are increasingly being viewed as strategic allocations — offering inflation protection and asymmetric upside.Todd also outlines how Tribeca Investment Partners expresses these views through its Global Natural Resources Strategy, a flexible long/short approach across equities, credit and commodities. The strategy has historically targeted 15–20% p.a. returns, while its listed vehicle, Tribeca Global Natural Resources Limited, returned approximately 60% in calendar year 2025.Companies Discussed:BHP.ASX – BHP GroupBOE.ASX – Boss EnergyBRE.ASX – Brazilian Rare EarthsBTL.ASX – Beetaloo Energy AustraliaCCO.TSX – Cameco1605.TYO – InpexILU.ASX – Iluka ResourcesIPX.ASX – IperionXLYC.ASX – Lynas Rare EarthsMEI.ASX – Meteoric ResourcesMP.NYSE – MP MaterialsNXE.TSX – NexGen EnergyOMA.ASX – Omega Oil & GasPDN.ASX – Paladin EnergyPLS.ASX – Pilbara MineralsRIO.ASX – Rio TintoSTO.ASX – SantosTBN.ASX – Tamboran Resources (CDI)TGF.ASX – Tribeca Global Natural Resources LimitedVMM.ASX – Viridis Mining and MineralsWDS.ASX – Woodside EnergyWPM.NYSE – Wheaton Precious Metals6KA.ASX – 6K Additives (CDI)
