---
title: Q2 2022 Goehring & Rozencwajg Commentary - Why Resources During a Recession
description: Resource investors are worried about a recession. In this letter, Leigh Goehring and Adam Rozencwajg, CFA, discuss why they think it's a mistake to worry and why resources can do well despite a recession.
image: https://info.gorozen.com/hubfs/Content%20Offers/2022.Q2%20Commentary/2022.Q2%20G%26R%20Commentary%20-%20LinkedIn-1.png
---

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# Why Resources During a Recession

![2022.Q2 Commentary Cover Image - LP-1](https://info.gorozen.com/hs-fs/hubfs/Content%20Offers/2022.Q2%20Commentary/2022.Q2%20Commentary%20Cover%20Image%20-%20LP-1.png?width=202&name=2022.Q2%20Commentary%20Cover%20Image%20-%20LP-1.png)We have just finished two months of traveling and clients have never been more concerned. Recession fears loom large and 60/40 portfolios just experienced their worst half in 40 years.

Investors are questioning how they could possibly consider natural resource equities now, given how economically sensitive they are.

The answer might shock you. Natural resources respond to their own capital spending cycle much more than the broader business cycle. From that perspective, natural resource stocks ought to dramatically outperform over the next decade, even if we do have a recession.

In fact, during the Great Depression, resource stocks were the only area that would have saved your portfolio.

Our newest commentary, *Why Resources During a Recession*, looks at why this counter-intuitive pattern repeats itself.

This is a must-read report before you consider asset allocations for the second half and beyond.

Download our Q2 2022 commentary for insight into:

- **Why Natural Resources might be the only area to protect you in a recession**
- **Major OPEC admissions that will impact the oil markets**
- **Why the Super Majors face even more trouble going forward**

## *Please fill out the form on this page to download a copy of our Q2 2022 market commentary.*

## *Download Your Copy*

Goehring & Rozencwajg Associates, LLC. The information provided on this website is intended to provide the investor with an introduction to Goehring & Rozencwajg Associates, LLC. Nothing on this website should be construed as a solicitation offer, or recommendation to buy or sell any security or as an offer to provide advisory services. Information on this website is intended only for United States citizens and residents. Nothing contained on this website constitutes investment, legal, tax, or other advice nor should be relied upon in making an investment or other decision. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment advisor or to invest in a fund.

This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments concentrated in natural resources involve a higher degree of risk than more diversified strategies. Past performance is no guarantee of future results.

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