The old economy begins to take its revenge | Jeff Currie | Carlyle
Jeff Currie, formerly the head of commodities research at Goldman Sachs and now at Carlyle, provides a macro-thematic framework explaining why we have entered a new "physical capex super-cycle" where the "Old Economy" (commodities, manufacturing, and infrastructure) is reasserting its dominance over the "New Economy" (asset-light tech and financial services).
1. The Central Thesis: The Physical Capex Super-Cycle
Currie argues that the global economy has entered a decade-long cycle driven by physical capacity constraints. For the past decade, capital flowed primarily into "asset-light" sectors (the FAANG/Mag Seven era), leading to chronic underinvestment in the physical world. Now, demand has finally caught up to supply, forcing a massive redirection of capital back into "old economy" sectors to expand production capacity.
References
Disclaimer: Orignal content owned by or sourced from third parties. It does not represent the views of 'Nuggets' platform or it's team. AI is used extensively across this platform including for summaries. Accuracy is not guaranteed, there can be mistakes. Any info or content on this platform is not a financial, legal, or investment advice. Do your own research. Refer for complete disclosures:- Terms of Use · Full Disclaimer
Related nuggets
Jun 2, 2026
AI Is Escaping the Screen | 01 Jun 2026 | Coatue
Coatue : AI is entering a new phase: moving beyond digital tools and into fully autonomous systems operating in the physical world. From advanced manufacturing and surgical robotics to robots in the home, the next wave of innovation will b…
Jun 1, 2026
Brendan Greeley on the 500 Year History of the Dollar | 1 Jun 2026 | Macro Musings
"Alexander Hamilton called it the ancient dollar it was already an established uh uh unit of measure it was already an established currency well before the United States" Brendan Greeley 00:06:55 https://youtu.be/QiX7KmApTtI?si=cdzwMESLY6t…
Jun 1, 2026
Peter Schiff vs Jim Rickards: Monetary Endgame Debate | 10 May 2026 | GoldRepublic Global
Note: Recorded December 7, 2025 at GoldRepublic's headquarters as part of our 15 year anniversary series "The Future of Gold." "Blockchain doesn't replace gold. It actually improves gold. It makes gold more useful as money than it was in t…
Jun 1, 2026