Jonathan Wellum argues the commodity space may be in a multi-year supercycle driven by deglobalization, AI/data-center buildout, robotics, energy demand, and long-running underinvestment. He urges investors to avoid leverage and speculation, focus on quality businesses and diversification, and use pullbacks to build positions rather than chase volatility.
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This Wealthion interview features Maggie Lake speaking with Jonathan Wellum, CEO and CIO at Rocklinc, about the current volatility in commodities and how investors should approach the space. Wellum’s core message is that the move in commodities is not just a short-term meme or speculative burst: he believes there is a real commodity cycle/supercycle underway, supported by several structural forces. He repeatedly emphasizes that investors need a framework, patience, cash reserves, and discipline because commodity-linked assets can move sharply in both directions. On the thesis itself, Wellum points to deglobalization, reshoring, geopolitical concerns, AI, data centers, digitization, robotics, the EV/green transition, and a broad “debasing” environment as overlapping drivers that should increase demand for metals, minerals, energy, and related infrastructure. …
Tactically, the setup is volatile and crowded: chase risk is high after sharp moves, while disciplined pullback buying and cash management look better than leverage. The near-term catalyst is continued momentum in metals/energy names, but the main immediate risk is a violent retracement in overstretched commodity trades.
Over the next few months, the base case is that commodity and resource equities remain supported if AI buildout, energy demand, and supply constraints keep feeding capital spending. The view would need confirmation from sustained price strength and actual investment into new production; if substitution or policy headwinds dominate, the trade could stall.
Structurally, the transcript argues for a regime where physical resources regain importance because the digital economy needs more power, metals, and infrastructure. If that regime persists, real assets and resource capacity become a more central portfolio pillar than they have been in the recent software-led cycle.
Investors should treat commodities with a framework, not a speculative impulse, because volatility is normal in this sector.
He says you need to know why you're investing, your time horizon, and the quality of businesses, especially in a volatile space.
The current commodity move is part of a larger supercycle rather than just a short-lived meme move.
He repeatedly frames the move as an extended cycle with historical precedent and multi-year duration.
AI, data centers, robotics, electrification, and deglobalization should drive higher demand for metals, minerals, and energy over time.
He ties multiple secular trends to increased materials intensity per unit of energy and economic activity.
What is your outlook for the sector and what are you telling clients about the price swings?
Wellum says he has not been inundated by worried clients because he tries to establish a framework up front. He emphasizes that commodities are volatile and that investors should keep some cash, dollar-cost average, and avoid leverage.
What fundamentals suggest this is more than just a short-term meme move?
He argues there is a prolonged commodity cycle driven by industrialization history, deglobalization, AI, data centers, robotics, EVs, energy demand, and underinvestment in supply.
What is the government’s role in this setup, and are there concerns about intervention or price manipulation?
Wellum says deglobalization forces reshoring and raises costs, which helps spur investment. He wants government to remove barriers, speed permits, and support private capital rather than intervene heavily.
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