Re: Oil/Macro-This Butterfly Has Big Wings.

In this thread, I explain my theory on why commodity price inflation in what I call “capex/opex commodities” (vs. “store-of-value” commodities) is an ominous harbinger for risk assets.

“Capex commodities” include lumber and industrial metals that are required for building things. “Opex commodities” like food and especially energy/oil (the biggest cap-weighted commodity by far) are consumed on an ongoing basis just for human survival.

“Store-of-value” commodities like precious metals and arguably BTC have spotty correlations with real …